The S&P 500 closed at another record high of 7,615.49 on Tuesday, June 2, after touching an intraday all-time high of 7,620.90. The modest 0.2% gain followed Monday's record session, with the index showing resilience even as oil prices remained elevated.

Technical chatter today centered on three themes: the continuation of the uptrend across major indices, significant technical breakouts in individual stocks, and Elliott Wave structures pointing to advanced stages of the current rally.

Markets Keep Breaking Records

The S&P 500 opened at 7,595.40, dipped to a session low of 7,582.99, then climbed to a fresh intraday high of 7,620.90 before closing at 7,615.49. The Nasdaq 100 (QQQ) also continued trading near record levels, with RSI(14) at approximately 64.7 — leaving room for further upside before reaching overbought territory.

Key pivot point levels signal continued positive momentum. For the S&P 500, the first resistance (R1) stands at 7,622 with R2 at 7,630. The nearest support (S1) sits at 7,598.

The index is trading well above all major moving averages — MA5, MA10, MA20, MA50, MA100, and MA200 — a configuration that technical analysts describe as a strongly bullish multi-timeframe structure.

NVDA Breaks Above $226 — A Confirmation Signal?

The standout move of the day was in NVIDIA. NVDA climbed approximately 6.3% on Monday and closed Tuesday at $226.07 with an intraday high of $232.28 — a clean break above the key $226 resistance level that had contained the stock in recent weeks.

The move above $226 is viewed as a bullish breakout signal by technical analysts, opening the door for continuation toward the next targets of $230 and then $236. On a pullback, near-term support sits at $218 and then $215, near the 20-day moving average.

NVDA remains above its 50-day MA (around $200) and 200-day MA (around $188), reinforcing the long-term bullish picture.

TSLA Tests the $448-$450 Ceiling

Tesla traded around $422, up about 1.45% from Monday's close of $415.88. The stock recorded a daily range of $413.65 to $423.47.

TSLA's technical structure continues to feature repeated contact with a multi-month resistance zone in the $448-$450 range. This marks the ceiling of a descending channel on the weekly chart that has capped previous rally attempts. Technical analysts are watching this inflection point closely: a break above $448-$450 would open significant upside, with some projections targeting $475 and beyond. Conversely, a failure to break through could trigger a pullback toward the $388-$420 support zone, where the 50-day moving average sits.

HPE Soars on AI — The Day's Biggest Gap

Hewlett Packard Enterprise was the main topic in technical discussions following its fiscal Q2 earnings report. The company posted EPS of $0.79 versus $0.53 expected, with revenue of $10.68 billion — up 40% year-over-year. Its cloud and AI segment generated $7.71 billion in revenue.

HPE shares surged 20-30% in after-hours trading Monday and continued trading near all-time highs on Tuesday. The company raised its full-year 2026 guidance substantially and provided an initial 2027 outlook pointing to 8-12% growth.

Elliott Wave Analysis: Where Are We in the Cycle?

Elliott Wave-based analysis continues to identify an impulsive market structure originating from the March 2026 low. Most analysts label the current advance as wave 5 (or an advanced stage of wave III) within the larger structure, with a near-term target in the 7,600-7,700 range.

Wave analysis points to the potential for an ABC correction later this year once the current 5-wave structure completes. However, as long as key support levels hold — particularly the 50-day MA near 7,534 — the trend remains positive.

For individual stocks, Costco is cited as having a bullish Elliott Wave setup with support at a "blue box" zone around $844 and a resistance target of $1,515 — a reminder that technical analysts continue looking for opportunities beyond the hot AI names.

The Bottom Line

Tuesday was another chapter in the bull market story unfolding in early June 2026. The S&P 500 continues breaking records, NVDA confirmed a significant technical breakout, HPE added another AI narrative, and TSLA remains at a critical juncture.

Key levels for the rest of the week: 7,530-7,535 as first support in the S&P 500 (50-day MA), and 7,620-7,630 as nearby resistance. Economic data and sector trends will provide direction, but the technical outlook remains positive in the near term.