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The Technical Indicator: Bull trend intact, latest S&P 500 breakout attempt underway

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Technically speaking, the U.S. markets’ slow-motion mid-summer uptrend remains underway.

Consider that the S&P 500 and Nasdaq Composite are currently challenging uncharted territory ahead of Federal Reserve policy remarks scheduled for Friday.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.27% hourly chart highlights the past two weeks.

As illustrated, the index has established a narrow two-week range, spanning about 25 points, or just over 1%.

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