Market Update Monday Afternoon 7/18/2023 - Market Continues To Chug Along On Lack Luster Bank Earnings

 I'm kind of surprised to see this rally continue today, but it looks like the manipulators have their sights on some higher targets. Dow 15,000 is within reach.  

Dow broke out to a new 1 year high this morning:

#DowJones almost touches 35,000 intra-day #Dow35k pic.twitter.com/A6wLOLerE2

— Veteran Market Timer (@3Xtraders) July 18, 2023

That caused me to have to rework the EW count on half my dow charts.  

 Funny how the Biden loving lame stream media - at CNBC - was seen rooting for the Dow ahead of the breakout. Think this wasn't orchestrated a couple weeks ago? 

Technically the breakout on the Dow rules out a bearish wave 2, but it doesn't rule out several other bearish patterns, and if you chart the Transports, you'll find that Dow Theory confirms that this 9 month old rally is bearish consolidation. Sorry, but I can't reveal that chart.  

Of course the $SPX and SPY are also higher. 

$SPY channel  Looks like another false breakout, and this has become the norm lately.

$MSFT Microsoft breaks out to a slightly higher all time high. Watch for a sharp reversal on that one. 

Perhaps the market is celebrating the latest fake Trump indictment? 

Trump says he’s received a target letter from special counsel Jack Smith’s Jan. 6 investigators

politico 

Anyhow, rigged markets on light summer volume can't last forever, and I think this one will be over, sooner, rather than later. 

Take care, AA 

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