The Technical Indicator: Bull trend intact, S&P 500 survives second test of 50-day average

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Technically speaking, the major U.S. benchmarks have weathered a modest market whipsaw to start the second quarter.

In the process, the S&P 500 and Dow industrials have survived a second test of the 50-day moving average, at least so far, while the Nasdaq Composite has nailed near-term technical support.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, -0.08% hourly chart highlights the past two weeks.

As illustrated, the S&P is traversing its near-term range.

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