Market Update for Wednesday, July 26th, 2023


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Good afternoon, traders.

The S&P 500 has made what I like call a “bow tie” pattern:

SPX

I started examining this late last night and then into this morning in the Discord, but we have this contraction on the left, with an expansion on the right. This offers us a slight variation of what I offered yesterday. And here’s what I can do with it:

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So this is the clearest place to get followthrough if we’re going to get it. I am now going to very briefly look at MSFT, AAPL and TSLA, and then one more quick look at the VIX. In each case, we still have good things developing.

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So, plenty of things look good for the bears here. Let’s see if any followthrough comes to us.

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.

You are also warmly invited to join our growing community in the Discord server (there are many public features in there). The invite link is here: https://discord.gg/58FSjcDhvG.