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:


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The Weekend Review of the Markets: The Three Coming Errors

In this weekend’s article, I will examine a few of the things I have been discussing about the situation locally, and then I will turn to a discussion about the long-term picture. In that discussion on the long-term picture, I will lay out “Three Coming Errors” that I expect market participants to make over the coming 6-9 months, and I believe those 3 errors will govern the structure that unfolds ahead of us. I’ve hinted at some of these here and there, but I wanted to organize them together into a cohesive picture where you can see them laid out in clarity.

Let’s look at some things.

The S&P 500 has been in something sort of bull flag-like, and it’s broken out:


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