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Good Wednesday Morning, MPTraders! September 9, 2026-- Pre-Market Update:-- While we await the next round of PPI (Thursday) and CPI (Friday) Inflation Data, the elephant in the room is Crude Oil, which took out-- and is trading above-- $95.00, a key 4-month resistance plateau...My attached 4-hour chart shows the upside breakout price action that sits atop a potentially explosive Cup and Handle or Saucer Bottom technical structure that projects a next immediate target of $100, a secondary target of $110, and a tertiary target of $118 to $122. From a near-term technical perspective, to inflict some damage to the dominant post-8/26/26 upleg ($79.62 to $95.
Yesterday (Sep 10) we had a test of key support in SPX in the 7565-7578 area. At the same time we had a timing histogram that suggested a possible low with the cycles coming in Sep 10-11. This told us to trail down stops on any short positions and also to consider the buy side in SPX/ES futures. Sadly, the only way there was a relatively low risk trigger was if you traded ES futures in the overnight session.
In Case You Missed It…SPX dropped approximately 62 points this week. This shortened week consisted of four days where SPX had an opening gap and then traded flat for the entire day. Intraday traders did not have an easy time of it on the equity indexes this week:On Thursday, SPX dipped back into the trading range it had established back in May and quickly recovered. Volume has risen to its moving average line, but volumes overall remain muted. There is a clear lack of buyers, but the same can be said about sellers.
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