Michael Ashbaugh

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July 11, 2017, 12:20 p.m. EDT

Charting the S&P 500’s bullish backdrop amid early third-quarter cross currents

Focus: Materials hold the breakout point, XLB, PHM, AAOI, WUBA, CF ESPR

By Michael Ashbaugh, MarketWatch

Though the prevailing backdrop is not one-size-fits-all, the U.S. benchmarks’ bigger-picture technicals, on balance, remain bullish.

On a headline basis, the S&P 500 has maintained major support — the familiar 2,405 breakout point — while the Nasdaq Composite’s recently shakier backdrop has incrementally strengthened this week.

Link to MarketWatch's Slice.