The Technical Indicator: Charting a bull-flag breakout, S&P 500 knifes toward record territory

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Technically speaking, the major U.S. benchmarks have taken flight mid-month, rising amid persistently bullish June price action.

Against this backdrop, the S&P 500 has knifed from a tight seven-session range — a bull flag — rising within striking distance of record territory.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +1.08% hourly chart highlights the past two weeks.

As illustrated, the S&P had established a flag-like pattern, digesting the early-June spike atop the 50-day moving average.

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