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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.

90 min to go in Wednesday's session, we've seen early losses be recouped to some extent, with SPX now just fractionally negative (-0.02%) while QQQ-1.57%  is still up a minor amount on gains by TSLA-0.09%  TXN-0.79%  ON-6.69% , TTD-2.24%  and some outsized strength out of many Semiconductor names (SOX higher by +0.85%) However, today's sector performance definitely is a bit defensive in nature, with Utilities, REITS leading the charge while Industrials are being hard hit on losses from ODFL-1.77%  which is hurting the DJ Transportation Avg. Overall, i don't sense that the minor consolidation after yesterday's bounce has been fulfilled. This structure seems to indicate that another minor pullback might unfold into tomorrow before a large rally takes place into early to mid-May, likely on the heels of good earnings out of MSFT-1.26%  and/or GOOGL-0.93%  tomorrow. At present, support for ^SPX-1.58%  weakness lies near 5037 then 5021 while any move back OVER 5089.48 would allow for this rally to continue without much more decline. Bottom line, the gains of the last two days gave some pretty hard proof that lows for the larger decline from March are in place. I expect "maybe' another 30-40 point S&P pullback before a rally up to 5200 and ultimately 5400 gets underway which should start this week, continuing on early week progress