The major U.S. benchmarks’ already-bullish technical backdrop continues to strengthen ahead of the Federal Reserve’s policy statement, due out Wednesday afternoon. On a headline basis, the S&P 500 has confirmed its primary uptrend — notching consecutive closes atop the 2,500 mark — amid an increasingly rotational, and bullish-leaning, U.S. sub-sector backdrop. Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.11>#/span### hourly chart highlights the past two weeks. As illustrated, the S&P has sustained a slight break from the range, notching consecutive closes atop the 2,500 mark. Tactically, near-term support points are followed by the S&P’s first notable floor matching the breakout point, circa 2,480. Meanwhile, the Dow Jones Industrial Average has extended the September breakout, notching five straight record closes. In its case, notable support spans from about 22,120 to 22,140 — closely matching the breakout point, illustrated on the daily chart — and is followed by a deeper floor matching the early-September peak, circa 22,040. Against this backdrop, the Nasdaq Composite continues to press familiar resistance. The specific area matches the July peak of 6,460, also illustrated on the daily chart below. The index briefly ventured higher Monday — reaching record territory — before once again closing under the range top. An extended retest remains underway. Widening the view to six months adds perspective. On this wider view, the Nasdaq has effectively nailed the range top — the July peak of 6,460 — and thus far held tightly to resistance. The muted selling pressure at well-defined overhead, combined with strength elsewhere, improves the chances of eventual follow-through. On further strength, a near-term target projects to the 6,540 area. Moving to the Dow, the blue-chip benchmark has extended its break to uncharted territory. The September rally punctuates a third recent successful test of the 50-day moving average, positioning it to build on the initially steep mid-summer breakout. Tactically, the breakout point, circa 22,120, pivots to the Dow’s first notable support. Conversely, an intermediate-term target continues to project to the 22,550 area. Similarly, the S&P 500 has extended the September rally, notching consecutive closes slightly atop the 2,500 mark. In its case, the 2,480 breakout point pivots to support. Conversely, an intermediate-term target projects to about 2,550, detailed previously. The bigger picture Though the market technicals remain uneven, the bigger-picture backdrop supports a firmly-bullish view. On a headline basis, the S&P 500 and Dow industrials have broken respectably to all-time highs — reaching uncharted territory — while the Nasdaq Composite’s pulling-teeth breakout attempt remains underway. The Nasdaq 6,460 area marks a headline technical test. Moving to the small-caps, the iShares Russell 2000 ETF IWM, +0.00>#/span### has extended the September rally. Recent closes atop resistance, circa 142, likely open the path to an eventual retest of the record close (144.05) and absolute record peak (144.25). Meanwhile, the SPDR S&P MidCap 400’s recovery attempt remains slightly weaker than the Russell 2000’s. Resistance matching the 320 range top marks an immediate hurdle. Still, an eventual close higher opens the path to a potential retest of its record close (326.41) and absolute record peak (326.88), also established July 25.via