Current futures indicate the SPX stock price could open marginally higher tomorrow, supported by stronger-than-expected corporate revenue reports across financial and industrial sectors. Prior instances where the Warren Buffett indicator has pushed substantially beyond a previous high were eventually (keyword!) met with substantial selling. Though the market-cap to-GDP ratio is in no way a timing tool and can't predict when the S&P 500, Dow Jones, and Nasdaq Composite might roll over, it served as a warning prior to the dot-com bubble bursting, before the Great Recession, and in advance of the 2022 bear market. "We see [deals] largely flowing into the NVDA P&L over the next 5+ years, moving numbers materially higher and making this the most attractive name in our space," analyst Tom O'Malley said in the note to clients dated Thursday. The SPX stock price is supported by strong breadth indicators, as over 70% of its components trade above their 200-day moving average — a bullish long-term sign.
