Weekend Review of the Markets: Don’t Assume the Bulls Are Dead Yet

Very little has changed since last weekend’s article, so far as interpreting our options here goes. I will approach this weekend’s article in the same manner, looking at the two basic alternatives available to us.

First, the elephant in the room remains the head & shoulders pattern that we can see. We have arrived at the neckline:

SPX

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The Weekend Review of the Markets: No Looking Back

Happy weekend, traders. In this weekend’s article, we’ll look at the local price action of the S&P 500, consider some bearish and bullish alternatives in general, look at the long-term picture and we’ll look at some developing structures on some assets.

In Thursday’s update, I discussed my creeping doubts about a more bullish outcome in the short-term because of the NDX’s nasty stank price action. Its smashed appearance on Thursday called into question an impulsive leg up and I offered an alternative that looked for lower prices on Friday, and that turned into an understatement.


The Bearish Alternative

As things stand now, we face a bear flag on the SPX that looks like this:

SPX

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Market Update for Thursday, September 14th, 2023

Good afternoon, traders.

Yesterday we had good reason to suppose that we might move up, and that worked. The S&P 500 gapped up over not only this green trend line, but it also gapped up over the 50-day SMA and then rallied most of the day:

SPX

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Market Update for Thursday, September 7th, 2023

Good afternoon, traders.

Carrying forward my thoughts from yesterday, we’ll begin by taking a look at some structures we can see on some indices, and why it’s crucial for bears to make a big showing from here if they want this to turn into something more bearish.

On the NDX, we can see this:

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NDX

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