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ES reaches 7,423 with tech sector gains but weak breadth, Craig Shapiro warns
Craig Shapiro, industry influencer, warns of an overbought market as of May 8th, 2026, highlighting that the ES index has reached 7,423 with technology stocks leading the gains.
Despite the strong performance of NQ, which outperformed with a 2.35 percent increase, overall market participation has weakened for the second day in a row, with only 41.30 percent of stocks trading above their 20-day moving averages. Shapiro suggests the gains may be masking underlying weakness in broader market breadth.
Last month, Shapiro reported ES approaching the 7,100 support level as energy and staples outperformed technology stocks amid sector rotation. He also covered afterhours developments in Big Cap Tech earnings and recapped the Federal Reserve’s latest decision on NTLiveMedia. These updates have tracked shifting leadership among major equity sectors in recent weeks.
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