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June 13, 2018, 12:14 p.m. EDT

Nasdaq extends grinding-higher technical breakout ahead of the Fed

Focus: Consumer staples’ trend shift, Tesla extends unusually bullish breakout, XLP, TSLA, SHOP, CVLT, MOS, BITA

By Michael Ashbaugh, MarketWatch

Technically speaking, the major U.S. benchmarks have established a holding pattern, with a grinding-higher bias, ahead of the Federal Reserve’s policy directive and expected interest-rate hike.

Against this backdrop, the S&P 500 has flatlined atop the 2,780 mark — establishing a small flag-like pattern — while the Nasdaq Composite has extended its June break to uncharted territory.

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