Nvidia’s massive AI-fueled rally just helped power the stock market above a key level that suggests more upside ahead

• Nvidia just helped power the stock market above a key resistance level, suggesting more upside ahead.
• According to Fairlead Strategies’ Katie Stockton, the S&P 500 needs to close above 4,155 on Friday to confirm a bullish breakout.
• Stockton sees the S&P 500 trading 8% higher from current levels if the strength continues.

The stock market can thank Nvidia’s eye-popping rally this week for helping it clear a key resistance level that suggests more upside ahead, according to a recent note from Fairlead Strategies’ founder Katie Stockton.

Stockton highlighted last week that the S&P 500 cleared an important resistance level at 4,155, and that a bullish breakout would be confirmed if the index managed to hold about that level at the end of this week’s trading session.