Charting a bullish reversal, S&P 500 nails the breakdown point

By Michael Ashbaugh, MarketWatch

U.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data.

Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830). On further strength, the S&P’s record close (3,855.36) is not too distant.