Market Update for Tuesday, May 16th, 2023

I have very little I can add today. We remain in these rising wedges at the now notorious August through February trend line:

We’re in an interminable sideways consolidation. If this is a distribution, these structures can fail, but we don’t know if there’ll be another pop of some kind first before that happens.

Zoomed in a bit, I have a couple of things I can say:

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So, a move up again is possible. But there’s just as much and maybe more that might suggest moving lower is on the menu. We’ll have to see.

I hope everyone has a wonderful evening.

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