S&P 500 Ready to Push Higher, Remains in Arc Structure
Stocks are rallying despite trade war/capital war looms. Nevertheless, price is stabilizing and consolidating near the resistance. Furthermore, price looks to be entering into an arc structure.
Scenario One (Bullish Breakout): Price exits the arc structure, heading to key resistance.
Scenario Two: Price falls, potentially to key support in the long run.
Comment: Scenario One is the most likely scenario, after all the US economy is strong. However, the Q2 US GDP report is highly anticipated by the market, which will be a double edged sword.
Scenario One (Bullish Breakout): Price exits the arc structure, heading to key resistance.
Scenario Two: Price falls, potentially to key support in the long run.
Comment: Scenario One is the most likely scenario, after all the US economy is strong. However, the Q2 US GDP report is highly anticipated by the market, which will be a double edged sword.