Charting a grinding-higher breakout, S&P 500 tags latest record peak MarketWatch 2/9/2021
Technically speaking, the major U.S. benchmarks continue to trend higher amid a constructive February start.
Against this backdrop, each big three benchmark has concurrently registered record highs, knifing from major support to previously uncharted territory.
Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past two weeks.
As illustrated, the S&P has extended its latest break to record territory, rising to register its first close atop the 3,900 mark.
Tactically, the S&P’s first notable support matches the breakout point (3,870). Delving deeper, the 3,830 area remains an inflection point.
Charting a bullish holding pattern, S&P 500 maintains 20-day average MarketWatch 1/19/2021
THE TECHNICAL INDICATOR
Technically speaking, the major U.S. benchmarks have asserted a holding pattern, digesting a sharp early-month rally to record territory.
Recent range-bound price action signals still muted selling pressure in the wake of statistically unusual technical breakouts preserving a comfortably bullish intermediate-term bias.
Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past two weeks.
As illustrated, the S&P has staged an orderly pullback from the range top.
The downturn has been underpinned by near-term support (3,764) as well as the 20-day moving average, currently 3,750. Last week’s low (3,749) closely matched the 20-day.
Technically speaking, the major U.S. benchmarks have asserted a near-term holding pattern, pulling in modestly from all-time highs. Still, the slight downturn punctuates previously aggressive January breakouts amid a still comfortably bullish bigger-picture backdrop.