Technically speaking, the bull trend for U.S. stocks has absorbed a respectable mid-month downturn — at least so far — amid Turkey-fueled uncertainty and related currency volatility. In the process, the Dow Jones Industrial Average has maintained key trendline support, while the S&P 500 has weathered a less aggressive pullback from six-month highs. Before detailing the U.S. markets’ wider view, the S&P 500’s SPX, +0.64% hourly chart highlights the past two weeks. As illustrated, the S&P has pulled in respectably from six-month highs, though limited damage has thus far been inflicted. Tactically, a near-term floor (2,817) is followed by the much firmer 2,802 breakout point. Meanwhile, the Dow Jones Industrial Average has pulled in more aggressively from five-month highs. Still, the index has initially maintained its range bottom (25,150), an area matching trendline support, illustrated on the daily chart. The quality of its rally from support should be a useful bull-bear gauge. Against this backdrop, the Nasdaq Composite remains the strongest big three U.S. benchmark. Its pullback from near-record territory has been comparably flat, and underpinned by major support matching the June peak (7,806), also illustrated below. Widening the view to six months adds perspective. On this wider view, the Nasdaq topped last week 10 points under record territory and has pulled in from the range top. To reiterate, an inflection point matches the June peak (7,806) and is followed by more important trendline support, a level closely tracking the 50-day moving average, currently 7,732. The Nasdaq’s intermediate-term bias points higher barring a violation. Looking elsewhere, the Dow Jones Industrial Average has pulled in respectably from five-month highs. Still, the downturn has been punctuated by a successful test of trendline support (25,150) an area closely matching the August low (25,120) — at least so far. The Dow’s intermediate-term bias remains bullish barring a violation. Delving slightly deeper, the 50-day moving average, currently 24,997, is rising toward the trendline. Meanwhile, the S&P 500 has staged a less aggressive pullback from six-month highs. Recall that the breakout point marks major support, an area broadly spanning from 2,787 to 2,802. The ascending 50-day moving average, currently 2,788, matches this floor.via