The SP500 has bounced off the 200 SMA and it is testing the 1260 (H&S neckline) once again. Although it printed a shooting star candle pattern on Friday, any consolidation under the 1260 at this point could simply be building up more momentum for a surge above the neckline and move into the 1300 territory.
The DJIA printed a doji while sitting on the 200 SMA. This index can be setting up for a move above the 12300 level.
The Nasdaq 100 20 EMA, 50/100/200 SMA are all converging with the price near the convergent point. It is sitting in the middle of the triangle with a rising MACD. These technical signs indicate potential further upside and can leads to upward move above 2400.
Finally, the Russell 2000 is bumping up against the 738 resistance and the upper trendline of the triangle price pattern. When it breakout of this price pattern, it could potentially move to test the 200 SMA near the 773 level.
