FLAT SESSION: SPY +0.45% | Range-bound

U.S. equities finished higher Wednesday, but the session remained range-bound and participation came on light volume. SPY opened at $762.39, tested a session low of $761.73, and then recovered to reach $766.43 before closing at $765.20, just $1.23 below the high. The late positioning near the upper end of the $4.70 intraday range showed buyers retained control despite the absence of a decisive breakout.

• SPY: closed near $765.20 today; watch today's session high and low as the immediate technical reference for the next trading day.

• SPY: closed near $765.20 today; watch today's session high and low as the immediate technical reference for the next trading day. NASDAQ (QQQ): $709.24 (Close) | +0.23% • IWM: closed near $294.02 today; watch today's session high and low as the immediate technical reference for the next trading day. • VIX: closed near $15.20 today; watch today's session high and low as the immediate technical reference for the next trading day. Volume: Light (0.74x average)

- NVDA: +3.21% to $224.41 — Led the large-cap technology complex as buyers concentrated in the AI bellwether despite the broader Technology sector finishing nearly flat. - ORCL: +3.13% to $145.75 — Attracted strong software and cloud-related demand, sharply outperforming weaker enterprise-software peers. - META: +2.47% to $592.85 — Helped drive Communication Services leadership and provided meaningful support to the major growth indexes. - CAT: +1.67% to $792.16 — Benefited from the session’s rotation toward cyclical and economically sensitive exposure, alongside strong Materials performance. - V: +1.56% to $378.50 — Advanced with Financials as investors favored transaction and payments exposure during the broad rally.

- MSFT: -0.84% to $496.82 — Lagged within mega-cap technology and helped keep XLK nearly unchanged despite gains in NVDA. - AVGO: -0.66% to $367.24 — Failed to participate in semiconductor leadership, showing that chip demand was concentrated rather than uniform. - AMD: -0.55% to $457.06 — Declined despite NVDA’s strength, reinforcing the stock-specific divergence within AI and semiconductor names. - CRM: -0.46% to $256.93 — Underperformed as enterprise-software demand favored ORCL rather than lifting the group broadly. - GE: -0.46% to $329.56 — Weakened as Industrials finished essentially flat, trailing the more pronounced rotation into Materials and Financials.

Materials led with a 1.73% gain, followed by Communication Services at 1.39% and Financials at 0.79%, signaling broader risk appetite beyond the largest technology stocks. Real Estate fell 0.70%, Technology slipped 0.01%, and Industrials added only 0.03%, indicating a selective cyclical rotation rather than a uniform risk-on surge.

- SPY support was tested at $761.73: The ETF recovered from the session low and closed at $765.20, making $761.73-$762.39 the first support zone for the next session. - SPY resistance emerged at $766.43: A sustained move above Wednesday’s high would confirm follow-through; rejection there would preserve the current range-bound structure. - QQQ closed at $709.24: That close is the immediate pivot for the next trading day, with relative strength dependent on broader participation beyond NVDA and META. - IWM closed at $294.02 after outperforming: Holding near or above $294.02 would support continued small-cap leadership; a loss of that closing pivot would suggest Wednesday’s rotation lacked durability.

The next session’s primary test is whether SPY can clear $766.43 with volume improving from Wednesday’s 0.74x-average reading, while $761.73 remains the first downside reference. No verified post-close movers, futures indications or specific economic releases were provided as of the 4:30 p.m. ET cutoff, so traders should validate overnight developments before acting on Wednesday’s bullish breadth.

Broad but low-conviction accumulation session, with SPY closing near its $766.43 high as small caps and cyclical sectors led on light volume.