Market Update for Thursday, August 17th, 2023


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Good afternoon, traders.

The S&P 500 has begun to accelerate to the downside after losing this primary channel:

SPX

I will be discussing some details of this in tonight’s article, because I will probably need to make what might seem like a sudden shift.

I have been looking for ways to count the decline impulsively, and I know that in a good impulse wave down, there is virtually always a kickback, some lower high that squeezes the bears out before a significant drop can take place. We lack that here and that’s a warning.

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Obviously, the bulls need to prove themselves. We need to see if a bottom will form. But if it does, just be on the lookout for this alternative. I will discuss both options in each article going forward for a little while until I get more confident about one over the other. But in either case, I would still want to see a rally soon.

Alright, I hope everyone has a lovely evening. And I’ll see you tomorrow for the inevitable “VIX crush Friday.”


Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page.

You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.