Market Update for Wednesday, November 15th, 2023

Good afternoon, traders.

The S&P 500 is little changed, so there’s nothing I can add that goes beyond what was said yesterday. I continue to believe that this is a countertrend rally in a long and exhausting bear market. We may observe the 3-wave advance (if that’s what it is) as an A-B-C with a triangle in the middle:

SPX

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Weekend Review of the Markets: Bulls in Control

Happy Weekend, traders!

The bulls pulled a real rabbit out of their hats today!

After yesterday’s ugly bearish engulfing candle, today we gapped up and then proceeded to rally relentlessly all day, the Nasdaq-100 especially. In the process, the bulls not only closed this gap from September, but also closed over it and closed over the mid-October high:

SPX

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