Charting a modest July breakout, S&P 500 escapes jagged range

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U.S. stocks are mixed early Wednesday, treading water amid the Federal Reserve Chairman’s second day of congressional testimony and ahead of the Fed’s Beige Book, due out this afternoon.

Against this backdrop, the S&P 500 has narrowly escaped a jagged five-month range, edging atop major resistance (2,802). This week’s follow-through, or lack thereof, should add color.

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