Market Update for Tuesday, August 15th, 2023

The S&P 500 continued its relentless drip toward its 50-day moving average while remaining in this large contracting structure. And today, for the first time, not only did it finally tag the 50-day SMA, it also closed beneath it:


As before, there’s still not a lot that inspires confidence in me for the bearish case in the short-term. This is a very sloppy decline.

The bears do have a few things. We’ve broken this trend line support today:


And being at the 50-day SMA all day has been unable to produce a significant rally.

That said, I will add a few things here:

This section has been reserved for members. Visit the Join page to learn more about becoming a member.

Alright, that’s what I’ve got. Not much has changed yet. I hope everyone has a fine evening.

Parts of this article may be reserved for members. You may learn more about becoming a member on the Join page. There is also public and private content on my Discord server. The invite link is here.