Market Update for Thursday, August 3rd, 2023


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Good afternoon, traders. The S&P 500, after breaking this trend line, has continued to fall again with a small gap down today, but then spent most of today recovering that drop.

SPX

What is peculiar about this decline is that other than Thursday, almost all of the time spent in the cash sessions has been chop and consolidation. We really haven’t seen any big motive waves other than that first big drop.

So, I have a couple of options:

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Alright, we’ll see what happens. I still think lower prices are on the way.


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