Market Insider

Stocks break out, so where's the champagne

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Wall Street on record run

The S&P 500 broke through the top of its recent range with room to spare, signaling to some that a short-term rally may be at hand.

"On a technical basis, the fact we finally broke above 2,120, which we just could not penetrate, was pretty bullish, and now we have to trade around and test it. That's what this week may be about," said Gina Martin Adams, institutional equities strategist at Wells Fargo Securities.

"To get up to 2,130 is pretty bullish. We've broken the ceiling on that range, and that ceiling existed for several months." The S&P hit an intraday high of 2,131.