Market Update for Thursday, August 10th, 2023

The S&P 500 continues its painful and agonizing descent towards the 50-day SMA:


It remains within a bull flag-like structure (which I don’t personally have any faith in) and still within something of a falling wedge that it has been unable to break out from, nor break down from either.

With the economic reports this morning, there was a chance that we could gap down, but the alternative I proposed yesterday—a rally that would fail—is what we got. I will reexamine the count I had associated with that possibility now.

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So that’s what I’ve got for now. I think lower prices are coming. But there could be some more garbage to sit through first. In each of these cases discussed above, they all have the same ultimate destination, in my opinion. I hope everyone has a lovely evening and I look forward to seeing you tomorrow.

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