SCENARIO#1. Bullish count
US Indices have been very hard to track these past 8 weeks.
From the sharp drop to 1800 that was diagnosed to be either the starting leg of bear market or just the Primary Wave IV correction that will lead us to new all time highs.
The recent retracement to 2050 was the estimated resistance SPX could only reach when you are bearish on the market to resume its downtrend low.
Last few days, SPX managed to reach 2070 level, and simple downtrend resistance shows that it could have broken out already or maybe last line of defense is 2079.
All other markets Asia, Europe have been easy to trace, and moving along the medium term downtrend channel.
All I can suggest is that to watch closely who will win.
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