The S&P may look to tag the 50-day MA if sellers get another swing on this. If buyers are able to continue with today's afternoon action then a tag of 2,200 should be feasible as part of this rally.
The Nasdaq recovered to take back 'bear flag' support. What had looked like a breakdown was negated by today's late buying. Friday's action may be telling.
The Russell 2000 is circling around the breakout level of 1,245 and 20-day MA support. More is needed here, although technicals and relative performance suggest bulls retain the advantage.
Tomorrow may not see much action with Friday's job data looming. Traders return from summer holidays after the Labor day break. The next move is likely to be significant given the lacklustre action of recent weeks.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.