TraderMikeSays (77.18)

What's Ahead?

September 04, 2010 – Comments (0) | RELATED TICKERS: ^DJI , ^IXIC , ^GSPC

It appears that the market may remain positive to start the holiday-shortened week. With both the MACD and RSI positive on all three indices, and bullish crosses on-the-way, there is likely more upside ahead.

The Dow is currently attempting to break-out above its 200-day moving average. If it is able to convincingly break-through this over-head resistance, find support and remain above the 200-day, which it has not been able to do since May 20th when it convincingly broke-through support, we could finally get out of the trading range we've been stuck in. Then stocks could resume their upward march.

The Nasdaq and the S&P are not far behind the Dow, their momentum should carry them the rest of the way to the 200-day in short order.

Is it Tuesday, yet?!