Market Update for Wednesday, August 30th, 2023

Good afternoon, traders.

The S&P 500 has managed to squeeze itself back to retest the broken primary channel from beneath, in something that’s not quite a bear flag with nice parallel rails, but rather sort of an expanding consolidation:

SPX

This is still “bear flag-like.” My thoughts from yesterday remain unchanged at this time.

I have a couple of comments, and no significant updates to a count:

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Alright, that’s what I’ve got. I apologize for trying to be patient at the lows (that’s the weirdest thing I’ve had to try to say in a while). I think the bears are in good shape. I don’t see anything they shouldn’t be pleased with here. I hope everyone has a lovely evening, and I will see you tomorrow.


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