Inside Markets — SPX Price Objective

The technical outlook shifted back into a low-volatility bullish regime after the S&P 500 (SPX) and Nasdaq 100 (NDX) gapped above key resistance on May 12.  In SPX terms, the bullish upside gap opened the door to a near-term price objective in the 6125-6170 zone.  New support and a ‘stop out’ level for the bullish technical outlook sits at ~5600.

Meanwhile, recent earnings updates suggest the AI ‘story’ is now evolving to include early momentum in sovereign and enterprise customers.  At a recent sell-side TMT conference, AI infrastructure companies all cited expanding inference and agentic AI workloads.  On its Q1 earnings call, NVDA noted it has ‘line of sight to projects requiring tens of gigawatts of NVDA AI infrastructure in the not-too-distant future,’ while GOOGL recently said it’s now processing >480 trillion tokens/month, up >50x YoY.  And today’s META/CEG power agreement is just the latest development.