The S&P 500 index futures still made a new all-time high Thursday, but retreated as bullish sentiment somewhat faded.

Overnight, bulls bought up a small dip and followed through with a small rally to a new all-time high of 7410.50. Some resistance came in near that area, but bulls kept it in the green. Off the opening bell, there was a little bit more profit-taking, but bulls were quick to counter. Another small rally took the index futures back to test the premarket high, but sellers were ready. Resistance held, and after pausing at the psychological 7400 level, bears broke through unchanged and then some. 

After a retest at Wednesday’s close, support had turned into resistance and it was all downhill from there. Some reports of developments in the Strait of Hormuz seemed to keep bulls from sustaining any rallies. However, support was finally found near the 50 percent retracement from Wednesday’s range. After that, the action turned to chop just above that level, bottoming at a low of 7345.50. The session concluded below the day’s midpoint at 7363, losing 26.50 handles.

Tomorrow, market participants can look forward to April’s jobs report at 8:30 AM ET, along with some fedspeak throughout the day, amongst a few more earnings reports mostly in the morning.

Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The AI/EV company was able to advance by $13.28 or 3.28 percent to close at $411.81 for the day.

That performance was over three percent better than the cash index’s decline of 0.31 percent.

Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $12.88 or 3.03 percent to close at $412.56.