Market Update for Wednesday, May 24th, 2023

Good afternoon, traders.

Well yesterday we had a nice little bear flag at the close, and I had a good way I could count the structure that led me to expect continuation today—preferably with a gap down. And we got that, so that’s good.

What we did today is come right back to that trend line we had been glued to for weeks:

From here, things aren’t quite as clear to me in the short term. I have a few things I can suggest:

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So, it’s possible that we keep moving lower, but we may also consolidate into next week before continuing. With the Naz shooting off after the close here, it’s not looking great for immediate continuation, at least so far, though anything’s possible.

We’ll have to see. I like the move lower that we got today, and I think we’ll get more of that at some point if not straightaway, then after some kind of consolidation or retracement.

I hope everyone has a good evening.

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