Market Update for Monday, August 28th, 2023

Good afternoon, traders.

Well the S&P 500 has left us about where it left us going into the weekend. We’re still perched under this bear flag after having lost the big upward-sloping channel that we made over the course of the summer:


My basic thoughts on the structure haven’t changed much. I continue to suspect that the rally off the 8/18 low was

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For now, I still prefer either of the latter two choices and I’m still a seller here. I did add to the /ES short position that I opened on Friday, and I have stops in place in case we go higher.

Ok, that’s what I’ve got for tonight. We’ll see if something more complex unfolds, which I’d still like to see. I hope everyone has a fine evening.

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