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Good Thursday Morning, MPTraders! October 22, 2026-- Pre-Market Update: -- Wow! What happened at 5 PM ET yesterday? A market massacre began about one hour after Wednesday's close, right around the time of the META and TSLA post-earnings conference calls (5 PM ET).
Yesterday, the market gave us a relatively clean five-wave move to the downside off of the highs that were struck in the morning. After that initial five-wave move, we should have seen a corrective retrace higher to confirm that we were indeed dealing with an initial five-wave move down, thus setting up further follow-through in the form of the third wave down.Overnight and today, we saw the market continue to grind lower after seeing a very shallow retracement, which, rather than confirming the initial five-wave move, made that initial move much more ambiguous.
In Case You Missed It…SPX lost approximately 36 points this week. The NDX fared a little worse, while IWM and DIA ended the week in the green. I was distracted for the latter part of the week due to travel plans and a wedding this weekend. I need to do a little catching up. I am going to walk through the process of re-orienting myself after time away from the market.First, I want to briefly look at the larger picture on the major equity indexes.
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