Historic stock rally faces key test

Key points

• The S&P 500 has rallied nearly 20% in the last nine weeks, an historic surge that has made even the most bullish investors blush.
• And while its nine-day winning streak appears at risk, two key tech companies reporting earnings after the bell could determine the next move higher or lower: Broadcom, the chipmaking giant that doubles as a software provider, and Crowdstrike, a cybersecurity leader that's helping lift cloud stocks out of a bear market.
• At more than $2 trillion, Broadcom is now bigger than two of the "Magnificent Seven" stocks and is up just shy of 40% year-to-date, far outperforming any of its mega-cap peers in the top 10 stocks of the S&P 500. That brings its 1-year move to 88%, compared to 29% in the Mag-7 ETF (MAGS).
• Traders are preparing for an 8% swing in AVGO after earnings, according to the options-implied move.
• That's about standard for...