Why This Technical Analyst Is Watching the S&P 500 Amid Thursday's Market Rally

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U.S. stocks were rallying on Thursday following the news that Republican Senator Mitch McConnell and Senate Majority Leader Chuck Schumer had come to an agreement that would extend the debt ceiling until December. 

Schumer expects a vote later today. 

McConnell said late Wednesday that he'd support a specific, time-limited extension to the $28.4 trillion debt ceiling in order to allow Democrats time to pass a longer-term solution through the complicated process of reconciliation.

When looking at oil, TheStreet's Martin Baccardax noted, "A bigger-than-expected increase in domestic crude stocks, which the Energy Department said rose by 2.3 million barrels last week, helped pull oil prices from their seven-year highs, while hints from Russian President Vladimir Putin on increased gas supplies to Europe clipped energy market prices on the Continent."

And this all comes ahead of the September Jobs Report, which will be released on Friday, Oct. 8.

Watch: Jobs Report Preview - What the Action Alerts PLUS Team Is Watching

Then There's General Motors

General Motors  (GM) - Get General Motors Company (GM) Report is focusing on its electric vehicle investment

EV revenues, GM said, will grow from around $10 billion currently to around $90 billion by the end of the decade, with a further $80 billion in "new, incremental revenue" from "connected vehicles and other new businesses."

"GM has changed the world before and we're doing it again," said CEO Mary Barra. "We have multiple drivers of long-term growth and I've never been more confident or excited about the opportunities ahead." 

In the video above, Action Alerts PLUS co-portfolio managers Bob Lang and Chris Versace broke down what they're watching in the market Thursday and why investors should play particular attention to the S&P 500. 

Head to Thursday's Daily Rundown to hear what Versace and Lang are only telling members of the Action Alerts PLUS investing club. 

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