The Technical Indicator: Charting the S&P 500’s new range amid early third-quarter cross currents

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Though U.S. stocks are starting the third quarter amid recently increased volatility, the S&P 500’s summer price action remains firmly technical.

On a headline basis, the S&P is traversing a well-defined range, capped by resistance matching the breakdown point (2,742), and underpinned by familiar support at the 2017 peak (2,695).

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, -0.49% hourly chart highlights the past two weeks.

As illustrated, the S&P has reached a lower plateau, and is traversing the range.

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