Market Update for Thursday, July 27th, 2023

Good afternoon, traders.

So yesterday, I discussed what I like to call a “bow tie” pattern that the S&P 500 was making. We’ve moved through this period first of contracting price, then into expanding price:

SPX

And that volatility increased even more into today. Also yesterday, I had a way I preferred to try to count that, and with a slight modification, we can do effectively the same thing again today:

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Alright, so, things look good. Oh, let me look at the VIX, Apple, QQQ and MSFT real quick.

They crushed the VIX, almost destroying one of the most beautiful bases it’s developed in a long time. But, in the end, we salvaged the most important thing:

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So, we’ll see what happens. Lots to like here. It’s possible that we move swiftly, while enough folks have their eyes fixed on the all-time highs, which we’ve now come so close to in our “New Bull Market.”

I hope everyone has a lovely evening.


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