Market Update for Monday, May 22nd, 2023

Good afternoon traders.

After poking above this long, sideways consolidation last week, the S&P has made a small consolidation:

There is a little contraction to the price action today, which may make it a small triangle. There are a couple things we may try to do with that.

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So, things look about the same. I like things here, much that I’m watching hasn’t changed (e.g., Bitcoin still looks awful, etc.). There remains very good odds that we’re distributing, in my opinion.

But, if we do go up again, I will sit tight and see what I can see. If we do that, I doubt it will be a strong move (famous last words).

I hope everyone has a fine evening.

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