Bull trend pauses: Charting the S&P 500’s early-2017 holding pattern

Technically speaking, the major U.S. benchmarks have pulled in from record highs, thus far modestly, digesting the massive late-2016 breakout. Still, while a near-term consolidation phase has been long overdue, and remains underway, the U.S. benchmarks’ more important longer-term backdrop continues to support a firmly-bullish bias.