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tdp2664 InvestorPlace Serge Berger is the head trader and investment strategist for The Steady Trader . Sign up for his free weekly newsletter . When we came back Tuesday morning after a long weekend the screens were bleeding red and commentary was as negative as we've heard for some time. Two trading sessions later, the S&P 500 is 2% higher than where it closed on Friday, Sept. 2. In the meantime, the daily chart of the S&P 500 has formed a nice bear flag formation (white lines), which traditionally results in a break in the direction of the trend (in this case lower). The index closed almost exactly at the key 1,200 area, which acted as an area of resistance several times in August. The candle formation with Tuesday's long tail and yesterday's solid rally sets up for more potential upside. Should the index hold above 1,200, it is likely to make a good run at the 1,240-1,260 area, which we have highlighted many times in recent weeks. That area serves as much better resistance as it also coincides with a downtrending 50-day moving average.
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