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The Technical Indicator: Bull trend strengthens: S&P 500, Nasdaq extend July technical breakouts

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Technically speaking, the backdrop for U.S. stocks continues to strengthen amid a well received batch of second-quarter earnings reports.

Consider that the Nasdaq Composite and S&P 500 have extended their July breakouts, rising this week from major support — S&P 2,802 and Nasdaq 7,806, respectively.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.35% hourly chart highlights the past two weeks.

As illustrated, the S&P has sustained the July break to five-month highs.

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