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The Technical Indicator: Charting a bullish Q3 start, S&P 500 challenges major resistance

Editor’s Note: This is a free edition of The Technical Indicator, a daily MarketWatch subscriber newsletter. To get this column each market day, click here.

The Technical Indicator starts its sixteenth year this month.

Against this backdrop, the U.S. benchmarks have weathered an unusually jagged 2018 first-half, though the market technicals have firmed with a strong third-quarter start. The charts below add color:

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.30% hourly chart highlights the past two weeks.

As illustrated, the S&P has knifed atop the May peak (2,742) and rallied to next resistance.

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