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The Technical Indicator: Cracks surface in the bull trend, S&P 500 pulls in from uncharted territory

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U.S. stocks are on the defensive, for a change, as an unusually strong month of January nears a conclusion.

Against this backdrop, the big three U.S. benchmarks — S&P 500, Dow industrials and Nasdaq Composite — have dropped within view of near-term support, and the retests are worth tracking ahead of the Federal Reserve’s policy directive, due out Wednesday.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, -1.09% hourly chart highlights the past two weeks.

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