The stock market’s early-morning rally ran into a wall prior to the market’s open.
S&P 500 futures peaked just north of 6000 before gradually pulling back.
“It’s all about holding onto the bulk of the gains that started last night and extended into premarket trading today,” Frank Cappelleri, founder of technical analysis firm CappThesis told Barron’s. “There are still bullish patterns in play, and it’ll be important to see if those hold in the coming days.”
Cappelleri says he sees two bullish patterns in play with targets for the index of 6125 and 6555.
“One thing I’d like to see improve is breadth, which has been negative in five of the last six sessions,” he says. “That was especially evident yesterday, with only 16% of S&P 500 stocks closing higher. So while Nvidia and tech leadership today is clearly a positive sign, strong participation beneath the surface will be crucial for sustaining any meaningful upside.”
The Invesco S&P 500 Equal Weight ETF, which counts every S&P 500 stock the same, was up just 0.3% on Thursday, while 367 S&P 500 stocks were on track to close higher.
Source: Stock Market Today: Dow, S&P 500, Nasdaq Rise After Nvidia Earnings, Trump Tariffs
