Happy Weekend traders.
I want to begin by revisiting the elephant in the room. We’ve rallied hard in November from a low that I thought we weren’t nearly bearish enough at for it to stick. And stick it did.
At the end of October (here), I discussed how the market was either clownishly bullish or clownishly bearish. The clownishly bullish view involved a huge, macro “cup and handle formation” that at the time, looked like this (from that article on the 28th of October):
Read more “The Weekend Review of the Markets: The Coming Market Reversal”
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:
Read more “Market Update for Wednesday, November 15th, 2023”
Happy Weekend, traders.
The market has endured a tremendous and unrelenting short squeeze all week from start to finish.
If we examine the S&P 500 as a contracting structure, it now looks like this:
Read more “The Weekend Review of the Markets: The Next Phase of the Market Should Begin Soon”