Market Update for Thursday, May 11th, 2023

Good afternoon traders.

The S&P 500 remains absolutely glued in the middle of the trading range, stuck squarely to the August-to-February trend line:

There’s not a whole lot I can do with it. I suspect it is a distribution. And it’s a long one. How close are we to being done? Impossible to say for sure, but I have a few things I can say about the very local structure:

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And, for instance, IWM hasn’t yet given up this upper rail of its bull wedge (red structure) and remains just inside its ascending triangle (green structure), too:

These can fail, and abruptly, but it’s also possible that it needs more time. So, I think we’re close if not there already. It’s just a long consolidation, one of the longest.

I hope everyone has a fine evening, and soon we’ll no doubt be moving again.

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