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^SPX-1.58%  looks to be kicking off its push back to new highs with about 10 more trading hours left in the month of August. As you can see, the short-term hourly trend connecting former minor peaks since this past Monday has been exceeded. this should drive price up to 5682, then 5700. Breadth is a bit better than 2/1 bullish and volume also 2/1 positive. 9 of 11 sectors are positive and the only down sectors are defensive- REITS and Staples. While Energy, Industrials, Discretionary, Healthcare and Tech are all up more than +0.75%. Despite NVDA being down fractionally (At 6% of SPX), SPX is still managing to push higher by +0.68%, led by BBY-1.09%  COO-1.71%  CRWD-2.75%  WST-1.54%  HPQ-0.75%  GEV0.10%  PANW0.34%  QRVO-1.90%  and INTC-3.67%  all higher by more than 4% today

S&P Futures on hourly charts shows the late Thursday surge to test Wednesday's peaks of this week, followed by some minor churning into this morning. However, this pattern is quite positive and likely will allow for upside follow-through as other sectors follow suit to join strength seen in Technology. Today's S&P Leaders are RMD-1.00% , GOOGL-0.93% , SMCI0.12% , NVDA-3.00% , TROW-3.80% , and KLAC-0.46%  all higher by more than 4.5%. Meanwhile, stocks like INTC-3.67% , AON-0.83% , DXCM-2.91% , CINF-4.33% , ODFL-1.77%  are lagging performance, and lower by more than 5%. Transports have been a notable laggard this week, and Financials are underperformers and declines in HON-0.90% , IBM-1.54%  PG-2.18%  are weighing down the DJIA which is just fractionally positive at +0.22%. Keep a close eye on Financials and Transports, the latter which is weighing down the Industrials space. However, despite the lack of broad-based strength today, the ability of "Magnificent 7" to carry markets higher on good earnings is certainly a positive and cannot be dismissed.