Earlier than detailing the U.S. markets’ wider view, the S&P 500’s
US:SPX
 hourly chart highlights the previous two weeks.

As illustrated, the S&P has weathered a jagged check of acquainted assist (3,915).

Final week’s shut (3,913) and Monday’s session low (3,914) registered close by to punctuate a comparatively tame mid-month pullback.

Extra instantly, a retest of the breakdown level (3,950) stays underway. Tuesday’s early session excessive (3,949) has matched resistance.

Equally, the Dow Jones Industrial Common
US:DJIA
 has pulled in from final week’s file excessive.

Tactically, the 32,500 space has underpinned the downturn. Deeper assist matches the Feb. peak (32,009) an space higher illustrated on the every day chart.

Individually, the 32,800 space has marked an inflection level throughout 4 of the prior 5 classes.

True to current kind, the Nasdaq Composite
US:COMP
stays the weakest main U.S. benchmark.

The index topped twice final week close to the vary prime (13,607) and has since pulled in.

Inside the vary, the 50-day transferring common, at present 13,432, marks an overhead inflection level.

Widening the view to 6 months provides perspective.

On this wider view, the Nasdaq is traversing its former vary. Acquainted resistance (13,607) has capped the March worth motion.

Conversely, essential assist matches the 2020 peak (12,973) and stays a bull-bear fulcrum. The March reversal atop this space encompassed two 7-to-1 up days throughout a three-session window.

Tactically, the Nasdaq’s backdrop helps a guardedly bullish intermediate-term bias barring a violation of the 2020 peak (12,973).

Trying elsewhere, the Dow Jones Industrial Common is digesting an aggressive March breakout.

The prevailing pullback marks the “anticipated” consolidation following a pointy two customary deviation breakout, encompassing 4 straight closes atop the 20-day volatility bands. (See the March 16 evaluation for added element relating to the bands.)

Tactically, the post-breakout low (32,505) is adopted by the breakout level (32,009).

In the meantime, the S&P 500 has pulled in to its former vary amid largely lackluster promoting strain.

Tactically, a retest of the breakdown level (3,950) from beneath is at present underway.

The larger image

Collectively, the bigger-picture technicals stay bullish, on steadiness, although the March backdrop isn’t one-size-fits-all.

On a headline foundation, the S&P 500 and Dow industrials are digesting March rallies to file territory, whereas the Nasdaq Composite is vying to easily keep its prevailing vary.

Every benchmark’s intermediate-term bias stays bullish, primarily based on right this moment’s backdrop.

Transferring to the small-caps, the iShares Russell 2000 ETF
US:IWM
 has pulled in to its vary from all-time highs.

Tactically, the ascending 50-day transferring common, at present 220.20, has marked an inflection level.

The small-cap benchmark has not closed below its 50-day transferring common since October.

In the meantime, the SPDR S&P MidCap 400 ETF
US:MDY
 is digesting a extra decisive rally to file territory.

An prolonged retest of the breakout level, circa 470.50, stays underway.

Trying elsewhere, the SPDR Belief S&P 500
US:SPY
 has pulled in to its vary, pressured amid elevated quantity, however lackluster market breadth.

Recall Friday’s quadruple witching contributed to the amount surge.

Extra broadly, the SPY is traversing a six-week vary, punctuated by modest March breaks each larger and decrease.

Inserting a finer level on the S&P 500, the index has pulled in to its former vary.

To reiterate, the three,915 assist — detailed beforehand — has successfully underpinned the downturn.

Final week’s shut (3,913) and Monday’s session low (3,914) registered close by. Thursday’s shut (3,915) additionally matched assist.

Mixed, the S&P has but to shut materially below the three,915 space. The March downturn has inflicted restricted harm.

Extra broadly, the S&P 500’s six-month backdrop stays comfortably bullish.

Tactically, the 50-day transferring common, at present 3,867, is rising towards the S&P’s former breakout level (3,870).

Delving deeper, the three,830 assist is adopted by a nonetheless seemingly last-ditch flooring at present matching the March low (3,723). (See the Feb. 23 evaluation.)

An eventual violation of the March low would mark a fabric “decrease low” — amongst different points — seemingly elevating a technical warning flag.

Past technical ranges, the U.S. sub-sector backdrop stays bullish, and the prevailing uptrend stays firmly-grounded because it applies to the internals. The S&P 500’s intermediate-term path of least resistance continues to level larger.

Additionally see: Charting rotational breakouts, S&P 500 rallies to file highs.

Tuesday’s Watch Record

The charts beneath element names which might be technically nicely positioned. These are radar display names — sectors or shares poised to maneuver within the close to time period. For the unique feedback on the shares beneath, see The Technical Indicator Library.

Drilling down additional, the iShares U.S. Dwelling Building ETF
US:ITB
 is appearing nicely technically.

As illustrated, the group has rallied to the vary prime, rising to problem all-time highs.

The prevailing upturn punctuates a profitable check of the mid-January breakout level. An intermediate-term goal initiatives to the 72 space on follow-through.

Conversely, a near-term flooring matches the previous vary prime (62.85). A breakout try is in play barring a violation.

Initially profiled Feb. 12, Dow 30 element Intel Corp.
US:INTC
 has added 6.2% and stays nicely positioned. (Yield = 2.1%.)

Recall the shares began 2021 with a strong-volume breakout, gapping atop the 200-day transferring common after the corporate appointed a brand new CEO. The next pullback has been underpinned by the 200-day transferring common, and punctuated by March follow-through.

Extra instantly, the mid-March flag sample alerts a strengthening backdrop, even amid in any other case shaky worth motion throughout large-cap expertise names.

Tactically, trendline assist roughly tracks the 50-day transferring common and is rising towards the breakout level (63.20). The prevailing rally try is unbroken barring a violation.

(On a granular be aware, the January hole larger punctuated a large bullish island reversal outlined by the July and January gaps, illustrated on the one-year chart. The high-reliability reversal sample has adopted via to 52-week highs.)

Dish Community Corp.
US:DISH
 is a nicely positioned large-cap identify.

Earlier this month, the shares knifed to 52-week highs, clearing resistance matching the December peak.

The next pullback locations the shares close to the breakout level (37.10) and 4.5% below the March peak.

Tactically, deeper assist matches the December hole and the previous vary prime, circa 35.00. A sustained posture larger alerts a bullish bias.

Extra broadly, the shares are nicely positioned on the three-year chart, edging atop main resistance matching the 200-week transferring common.

Jabil Circuit, Inc.
US:JBL
 is a nicely positioned large-cap contract producer.

Technically, the shares have lately launched to 20-year highs, tagging their greatest stage since Nov. 2000.

The sharp rally marked an unusually robust two customary deviation breakout, encompassing 5 straight closes atop the 20-day Bollinger bands.

Extra instantly, the prevailing flag sample alerts nonetheless muted promoting strain, positioning the shares to construct on the preliminary spike. Tactically, the post-breakout low (49.30) is intently adopted by hole assist (49.00).

Lastly, Lennar Corp.
US:LEN
 is a large-cap homebuilder coming to life technically.

Earlier this month, the shares staged a strong-volume spike, rising after the corporate reported its first-quarter outcomes and introduced plans to spin-off non-core enterprise models.

The following pullback has been flat, fueled by decreased quantity, and successfully underpinned by the breakout level on a closing foundation. Tactically, a sustained posture atop the post-breakout low (93.00) alerts a comfortably bullish bias.

Nonetheless nicely positioned

The desk beneath consists of names lately profiled in The Technical Indicator that stay nicely positioned. For the unique feedback, see The Technical Indicator Library.