Summer Correction just Started?

Update - August 6th 2023

Very quick update as I am travelling right now.

Last week, the market experienced a negative week, raising questions about the duration of this correction.

Viewing this possible correction as a normal pullback within the context of an uptrend seems sensible until proven otherwise.

In the upcoming week, we will receive the inflation data for July, expected to be slightly higher than June. Should the number come in too hot, it could lead to more selling pressure.

In this new context, the energy sector holds potential for the next upward move, supported by rising oil prices and solid demand. Here are a few names from the energy sector on my watchlist: ESTE 0.00%↑ , PR 0.00%↑ and LBRT 0.00%↑

Below id the RSP 0.00%↑ chart, and we must observe whether we stay within the box or experience a false breakout. If things go well, a reversal within the box might occur, leading to no more than a -3% to -5% co…