The S&P 500 index futures furthered both resistance and support levels during Wednesday’s session, delivering a scratch day with double-top, -bottom, and -closes that slightly favored the bulls.

Overnight, bulls slowly rallied toward Tuesday’s high but fell short as the regular session approached. Then, reports out of Iran hinting at potential progress toward normal Strait of Hormuz operations gave bulls fresh energy, helping spark a sharp rally that rocketed the index to a new all-time high of 7570.75. Resistance held firm in that zone, forming a double-top with Tuesday’s high, and the momentum quickly shifted back to sellers.

The regular session opened in the green, but increasing chop and volatility soon pushed the index into the red. Bears slowly notched lower lows through the morning until a short selloff created a double-bottom with Tuesday’s low at 7515 right after lunch. Buy-the-dippers stepped in aggressively, turning the tide once again. Sellers remained scarce in the afternoon, and the rally plateaued near unchanged in the final hour. The session concluded near the day’s midpoint at 7540, gaining just 3 handles.

Thursday, market participants can look forward to April’s durable goods report along with another heavy slate of earnings releases in the morning and evening.

Among the top components of the index, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer. The tech conglomerate advanced by $22.91 or 3.74% to close at $635.26 for the day. 

That performance was over three percent better than the cash index’s decline of 0.02 percent.

Conversely, the biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). For the day, the chip designer declined by $2.26 or 1.05% to close at $212.60.