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Earnings deluge could support new index highs

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Earnings playbook: LVS, FFIV & CAKE
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Options Action: Google earnings preview
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Buy tech after earnings season?

Investors will eye more earnings amid the possibility of a breakout in stocks to record levels on Thursday.

On Wednesday, positive reaction to earnings and other corporate news drove stocks higher. The Nasdaq closed up 21 points at 5,035.17, within 15 points of its all-time closing high of 5,048.62. The Dow Jones industrial average closed up 89 points at 18,038.27. The S&P 500 closed up 11 points at 2,107.96, within 10 points of its closing high of 2,117.39.

Bespoke Investment Group said in a Wednesday note that the cumulative advance/decline line on the S&P 500 has been holding up, which "implies that there are no negative divergences underneath the surface making the market vulnerable to a bigger decline. That doesn't mean that the market can't fall from here, but instead that the internals aren't suggesting any weakness."