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20 mins til the bell, US Indices have recovered nicely today and SPX is now set to be positive on the week at current levels, (above 5464.61) with QQQ being 1 point away. In a bit of a reversal of the sector participation we've seen in recent days, SPX's gains are being driven nearly all by Technology today after three straight days of weakness. XLK0.26%  is higher by +1.79% while Equal-weighted Tech is up +0.41%, but market breadth is negative by nearly 3/2 as six sectors out of 11 are down more than 1%. Thus, the actual performance "under the hood" is not nearly as robust as might be expected when one hears QQQ is up 1%. Very good performance out of NVDA3.37% , ARM3.18%  which have both rallied more than 6% today, while ISRG1.57% , MELI-0.53%  and KLAC0.19%  are higher by 3%. However only Tech and Communication Services are positive by more than +0.30% today while Energy is fractionally positive at +0.05%. As hourly SPX charts show, it's difficult to claim that lows to this recent pullback are officially in, as the minor downtrend from last week is intact and the shape and structure of today's bounce is somewhat unconvincing. However, i'm confident there should be a low in place by this week and kick off a strong start to July which historically has been quite good during Election years

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 RMD1.50% , GOOGL-8.46% , SMCI9.50% , NVDA3.37% , TROW-3.44% , and KLAC0.19%  all higher by more than 4.5%. Meanwhile, stocks like INTC1.50% , AON0.76% , DXCM0.43% , CINF0.18% , ODFL6.22%  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-1.23% , IBM-0.31%  PG-0.26%  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.