Recent all-time highs for the inventory market might be within the playing cards after Could’s robust efficiency. They will not come instantly, nevertheless. The S & P 500 surged 6.2% final month, marking its largest month-to-month advance since November 2023. The Nasdaq Composite additionally roared almost 10% greater in that point. The advances left the S & P 500 and Nasdaq 3.4% and 6.1% under information set in February and December, respectively. The powerful half for buyers now can be to stay affected person, as chart analysts suppose the foremost averages want to soak up the sharp Could beneficial properties earlier than transferring report ranges. “Whereas a rally over February peaks ought to occur this Summer season, it is arduous to make a technical name for a direct breakout,” Fundstrat technical strategist Mark Newton wrote. “Each SPX and QQQ doubtless will discover resistance close to February highs that permits for consolidation in mid-June forward of a push again to new all-time highs.” “Any near-term breakout above Could highs ought to carry SPX as much as between 6025-6150 whereas QQQ would possibly method 540. Thereafter, it is vital to observe rigorously for any risk of development reversal, which may begin as early as subsequent Monday,” Newton added. The S & P 500 peaked at 5,968.61 in Could, whereas the Invesco QQQ Belief — which tracks the Nasdaq-100 index — reached $526.48. The previous ended Monday’s session at 5,935.94, whereas the latter closed at $523.21. .SPX bar 2025-02-18 SPX since Feb. 18 The broad market benchmark reached an all-time excessive of 6,147.43 on Feb. 19. At one level in April, it was roughly 20% under that mark earlier than staging a rebound. Craig Johnson, chief market technician at Piper Sandler, famous that the S & P 500 is “setting the stage for the subsequent upward transfer over the proverbial ‘wall of fear.'” “The SPX and most sectors are simply consolidating close to their Could highs, organising for potential breakouts,” he added. “Whereas shares are considerably stretched within the brief time period, we stay optimistic and examine modest dips and pullbacks, notably again to well-established help ranges, as shopping for alternatives.”