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Good Tuesday Morning, MPTraders! June 3, 2025-- Pre-Market Update: A tranquil overnight market for a change... No "shock tweets" and no statements from Governments about tariffs, et al, perhaps awaiting tomorrow's deadline for countries to put forward their "best offers" for a tariff deal on or before Wednesday... There was some interesting news, however, from META, which has contracted to buy its AI power needs from Constellation's (CEG) Illinois nuclear power plant for 20 years, reinforcing the coming demand crunch for electricity heading into the second half of this decade.
By Levi at Elliott Wave Trader; Produced with Avi GilburtIt’s always an interesting thing to watch narratives evolve. We understand that they are necessary. And sometimes they play out as spun and sometimes they don’t. A narrative will provide a path forward for as long as the variables unfold as planned. There are many forces at work in a sector and then even more in the broader markets. We’re going to analyze the anatomy of a bearish setup in (UPST).
Futures drifted lower following yesterday's close, pulling back from the 5948.50 - 5971.25 ES fib resistance cited in yesterday's EOD update. However, price found support at the overnight low where it should have as wave (4) of a potential leading diagonal off of Friday's low. Price has since been trending higher following the open this morning, making a higher high compared to yesterday's high which satisfies expectations for a potential 5 waves up from Friday's low.If price has completed 5 waves up from Friday's low as wave 1 of c, then a near-term pullback as wave 2 of c should follow with 5938.25 - 5905.
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