Historic stock rally faces a key test

The S&P 500 has risen nearly 20% over the past nine weeks, and investors are watching whether that momentum can continue as two major technology companies report earnings after the close: Broadcom and CrowdStrike. Broadcom, which has climbed sharply this year, has become one of the market’s biggest gainers and is expected to see a large earningsdriven price move based on options trading. Traders have shown heavier demand for calls than puts, with most of the mostactive contracts set to expire soon after the report. CrowdStrike has also rallied strongly since March, but its options activity has been more subdued. Even so, traders are positioning for a notable postearnings swing, larger than what the stock has typically moved after recent reports. The results from both companies could influence the next direction for the broader rally.