Market Update for Tuesday, August 22nd, 2023

The S&P 500 remains in this bear flag beneath the 50-day SMA, deep outside of the primary channel:


It remains unclear to me whether it will break down or not, though I am still inclined to let the bulls take us higher if they can.

To move higher, we should have some reasons for being able to do so, and here’s what I can come up with:

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Ok, we’ll see what comes here. I’m personally skeptical of the bear flag. It certainly could break down. But maybe there’s enough here to suggest that it won’t. I hope everyone has a fine evening, and let’s see if the bulls can stop sucking their thumbs and get to work.

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