Market Update for Thursday, September 28th, 2023

Good afternoon, traders.

After yesterday’s decently strong intraday reversal, the bulls got some more reprieve today. The big picture remains an open question for me. We’re under the large head & shoulders pattern’s neckline:


I would expect that neckline to serve as a magnet.

What we do when and if we get there will tell us much about whether the bear is back or not.

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Now we came close to—but not actually to—the 200-day SMA. And that will remain a risk in the short-term. If this local structure collapses and things deteriorate quickly, that is a place we can still go to and test.

I hope everyone has a fine evening.

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