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UPDATE: S&P clears the 2,000 mark, reaches uncharted territory

UPDATE: S&P clears the 2,000 mark, reaches uncharted territory

08/26/2014

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.

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