Market Update for Wednesday, August 2nd, 2023

Nice work bears. So that was clearly a distribution as I had hoped and expected. All that choppy garbage up at these highs has produced a strong sell that has taken it out of the range, and we even managed to close under a trend line, too:


So that all looks quite positive for the bears at this point. Now, from here, we can interpret things in 3 ways, which I will examine briefly below:

Let’s first briefly look at the bullish view because we have—as I discussed last night—come close to the

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Alright, so that’s what I’m thinking for the time being. And we’ll see what happens tomorrow.

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