Market Update for Monday, August 14th, 2023

Good afternoon traders.

Ok, let’s pick things up from where we left them going into the weekend. The S&P remains just shy of its 50-day SMA, but sits in a large bullish wedge (red), and within that now, we can see both a bear flag (orange) and a little bull flag within that bear flag (green):

SPX

So there’s something in here for everyone. If you’re immediately bearish, the bear flag can break down, and we can lose the bullish wedge and the 50-day at the same time, and if you’re bullish in the short- or long-term, there’s structure for you here, too.

Also, we can take a quick look at the inverse I was trying to develop on Friday, and that has basically played out and has reached its measured move:

SPX

From here, as for my preferred scenario laid out this weekend, here’s what we can do with that from this point:

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Ok, so that’s what I’m looking at for the time being. I hope everyone has a lovely evening and we’ll see what tomorrow brings us.


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