Monday’s S&P 500 index futures session fell short of new all-time highs but saw buy-the-dippers rally to find a resistance area, securing a modest gain.
Overnight, bulls kept futures firmly in the green despite bearish pushback. The regular session opened with sellers hitting bids, driving a decline that found support near unchanged at 6766.50. Buy-the-dippers then fueled a rally back toward the premarket high, gaining momentum as several White House comments emerged.
Resistance capped the advance near the all-time high, peaking at 6797.75, forming a double-top near 6800. Profit-taking in the final hours led to choppy trading, with the session closing in the upper half of the day’s range at a new all-time closing high of 6788.75, up 24.75 handles.
Tuesday brings a packed slate of fedspeak and, if the government shutdown ends, the US trade deficit report in the morning.
Among top index components, Tesla Inc (NASDAQ: TSLA) led as the biggest gainer, surging $23.42 or 5.45% to close at $453.25. The rebound comes after an initial drop post-Q3 vehicle delivery data, and was also assisted by a teased Tuesday announcement.
That outperformed the cash index’s 0.36% gain by over 15 times.
On the other hand, NVIDIA Corp (NASDAQ: NVDA) was the biggest loser, slipping $2.11 or 1.12% to close at $185.51, following reports of an OpenAI-AMD chip deal.
