S&P 500 shows weakening breadth as elevated VIX offsets Nvidia earnings hopes

U.S. stocks are flashing technical warning signs despite expectations that Nvidia Corp.’s upcoming earnings could extend the AI-led rally, MarketWatch columnist Mark Hulbert said in a May 15, 2026, analysis. Hulbert cited deteriorating market breadth, elevated volatility and emerging sell signals as evidence the S&P 500’s advance remains fragile near record highs. The report said the gap between New York Stock Exchange new highs and new lows has widened even as the S&P 500 pushes higher, suggesting gains are concentrated in a small group of mega-cap stocks. Hulbert said a modified Bollinger Band indicator is nearing, but has not yet triggered, a formal sell signal. The VIX remains elevated, indicating investors continue to hedge risk despite higher equity indexes. Options volatility has also risen ahead of earnings from Nvidia (NVDA), Home Depot (HD), Walmart (WMT), Target (TGT) and Cava Group (CAVA). Nvidia’s market value is about $5.8 trillion, but Hulbert said even a strong report may not reverse broader technical weakness.