UPDATE: S&P clears the 2,000 mark, reaches uncharted territory
By Michael Ashbaugh, MarketWatch
CINCINNATI (MarketWatch) -- The S&P 500 Index has punctuated its August reversal with a headline-grabbing, albeit unspectacular, rally to the 2,000 mark.
In the process, the S&P has confirmed its primary uptrend, and its upside technical target opens the path to potentially meaningful incremental gains.
Before detailing the U.S. markets' wider view, the S&P 500's hourly chart highlights the past two weeks.
As illustrated, the S&P has extended its uptrend, rising to its latest all-time high.
From current levels, near-term support rests at 1,985, and is followed by a more significant floor around 1,950, better illustrated on the daily chart.
Meanwhile, the Dow industrials' near-term backdrop is similar.
The index has reclaimed the 17,000 mark, rising within striking distance of record highs this week. The Dow's all-time closing peak rests at 17,138, while its absolute all-time high holds at 17,151.