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The Technical Indicator: Charting a third-quarter breakout, S&P 500 target projects to 2,500 mark

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The major U.S. benchmarks’ bigger-picture technical backdrop continues to strengthen amid a bullish third-quarter start.

Consider that the S&P 500 and Dow industrials have reached all-time highs — and thus far sustained the July breakout — while the Nasdaq Composite’s jagged, slow-motion breakout attempt remains underway.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, -0.09% hourly chart highlights the past two weeks.

As illustrated, the S&P has broken out, reaching record territory.

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