Charting market cross currents, S&P 500 maintains 200-day average

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Technically speaking, the major U.S. benchmarks are poised to conclude the second quarter against an increasingly uneven, but still generally bullish, bigger-picture backdrop.

On a headline basis, the S&P 500 has survived a jagged retest of its 200-day moving average, while the Nasdaq Composite continues to digest last week’s break to record territory.

Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.70% hourly chart highlights the past two weeks.

As illustrated, the S&P has weathered a jagged retest of the 200-day moving average, currently 3,021.

From current levels, initial overhead matches the December low (3,070) and is followed by the recent breakdown point, circa 3,090.

Meanwhile, the Dow Jones Industrial Average DJIA, -0.10% continues to lag behind.

Nonetheless, the index has survived an initial test of its 50-day moving average, currently 24,992. This area closely matches important support, better illustrated on the daily chart.

Slightly more broadly, the Dow remains capped by its 200-day moving average while the S&P 500 has effectively maintained a posture atop its 200-day.

True to recent form, the Nasdaq Composite <a

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