Bulls held the line during Tuesday’s session in the S&P 500 index futures, clawing back some of their previous losses as earnings season rolls on and establishing a triple-bottom.
Overnight, a choppy decline ensued right away. By the middle of the night, bears were running into support near Monday’s low, forming a triple-bottom in the process. From that point, bulls mounted a somewhat steady recovery that lasted right up until the regular session.
Sellers hit just before the opening bell and pressed on after it rang, nudging the low slightly lower to a bottom of 7417. Support held, though it took a while for bulls to mount a recovery. After the first hour, bulls started to test resistance at unchanged. News that Oval Office meetings with Zelensky and Netanyahu had been ‘positive’ seemed to help the bull case, and bulls pulled through with a sharp rally. But the buying spree didn’t last too long. Resistance set in, as did the high of 7485.75, and from there it was a slow, choppy leak, with bulls easily holding in the green. The session concluded above the day’s midpoint at 7465.25, gaining 17 handles.
Tomorrow, market participants can look forward to the latest FOMC interest-rate decision at 2:00 PM ET and the following press conference by new Fed Chair Warsh, along with a load of earnings in the morning and evening. Among the reports expected minutes after Wednesday’s close are Microsoft Corp. (NASDAQ: MSFT) and Meta Platforms, Inc. (NASDAQ: META), which happens to be on a nine-day losing streak.
Among the top components of the index, Berkshire Hathaway Inc (NYSE: BRK.B) emerged as the biggest gainer. Breaking through resistance at the $500 level with gusto, the holding company advanced by $15.19 or 3.06% to close at $512.37 for the day.
That performance was over a dozen times better than the cash index’s advance of 0.24%.
Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $2.31 or 0.60% to close at $380.91.
