Market Update for Tuesday, August 29th, 2023

Good afternoon, traders.

I have been looking for a more complicated structure to unfold, and I had hoped to see some lower prices in the midst of that. Instead, we got a pretty straight-forward squeeze today, one which has propelled the S&P almost back to the channel it had broken from earlier in the month:

Though I cannot make any guarantees, it is possible that this is very bad news that it did this. From that waterfall we saw earlier in the month, I have presented two possibilities so far for structures that I thought might develop. And in each case, they were compromises with the bulls.

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Ok, my hopes for a more complicated structure to try to play were vanquished. We did something very simple instead. So much for me trying to be clever. If this rally ends here, it could spell trouble. And we shall see what happens.

A quick note on the Discord. The vast majority of my members read this newsletter. A minority of them also use the private Discord areas. I did make a change today that will now grant Discord “roles” to all members, regardless of whether they are newsletter or actual Discord members. So, if you’re a member of any kind, and you link your Discord name to your Patreon account, I have added a way for you to be recognized in the channel as a member, by having a special role in the server. So, please do join us if you would like to, I do try to visit the public area when I can, and you’re most welcome to come stop by if you would like, if Discord is something that you use.

I hope everyone has a lovely evening, and we’ll see if this rally unfolding the way it has is bad news.