rotation

Charting market rotation, S&P 500 presses record territory

THE TECHNICAL INDICATOR

Technically speaking, the major U.S. benchmarks continue to trend higher amid rotational market price action.

Against this backdrop, the S&P 500 has challenged its range top early Tuesday, rising to press record territory from a shaky, but successful, test of its breakout point.



chart, line chart




chart, line chart


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 weathered Monday’s brief whipsaw under the breakout point (3,826) a move that swiftly filled last week’s gap.

The subsequent bullish reversal — to close near session highs — places record territory just overhead. The S&P’s latest bull-flag breakout attempt is underway early Tuesday.



chart


True to recent form, the Dow Jones Industrial Average  continues to lag behind.

The index briefly tagged record highs last week without technically breaking out.

The prevailing pullback preserves a range-bound near-term backdrop. Tactically, the Dow’s former range bottom,