Earnings season is just getting underway and stocks extend their short-term uptrend. Yesterday's trading session was mixed, as the market reached potential resistance level. Is this a topping pattern or just quick profit taking action before another leg higher? There are still two possible medium-term scenarios.

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Tuesday's trading session was very bullish, as investors' sentiment improved following quarterly earnings, economic data releases. Stocks continued higher after breaking above three-week-long consolidation on Friday. Will the market continue higher and retrace more of its March move down? The S&P 500 index is now within a potential resistance level of the late March daily gap down. There are still two possible future scenarios.

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Economic and quarterly corporate earnings releases pushed stocks higher on Monday despite worries about Syrian conflict escalation, trade tariffs. Technically, we can see a breakout above three-week-long consolidation, but will the market continue higher? The S&P 500 index got closer to potential resistance level of the late March daily gap down. There are still two possible future scenarios.

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The stock market failed to break above its short-term consolidation on Friday, as investors feared that the Syrian conflict may further escalate. They were right because there was a U.S., U.K. and France air strike on Saturday. However, expectations before the opening of today's trading session are positive and we may see another attempt at breaking higher. Will it be successful?

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Thursday's trading session was bullish despite Syrian conflict escalation fears and the ongoing trade war worries. The broad stock market reached the highest since end of March, but it continued to trade within its over two-week-long consolidation. Stocks are expected to open slightly higher today. Will they take another attempt at breaking higher? There are some potentially positive news releases coming, but will they outweigh negative ones?

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