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U.S. Stocks Could Make a Major Breakout Higher, These Charts Show

U.S. stock markets are poised to make a major breakout higher, technical analysis shows. Now is a good time to do a quick review of weekly charts of major indices.

First, let's take a look at the S&P 500 :

Chart composed by The Informed Trader, courtesy of Stockcharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.

Last week, in the wake of the Brexit vote, the S&P 500 put in a strong hammer off our 50- and 70-day exponential moving averages (EMAs), which we've found tend to catch pullbacks on our weekly charts. After putting in a strong reversal there, the index is making another attempt at the breakout area at the top of the big picture...