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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
In Case You Missed It…We expected more clarity this week and we got some. The equity indexes exhibited more conformance this week, but not much. They all ended the week strong, with SPX breaking above is trading range and heading to a new all time high while NDX merely made it back to its sideways range. SPX gained approximately 268 points this week. Volumes on the indexes are back to their average levels.
With the lack of any bearish indications thus far, and the fact that we are clearly over support, it suggests that the path of least resistance is to the upside. And, our next target is outlined by the box overhead on the 5-minute SPX chart in the 7864-7914SPX region. This represents the 1.618-1.764 extensions of waves (i)(ii), and is the typical target zone for wave (iii).In the very micro structure, I an make an argument for a (1)(2) to be developing within wave v of (iii).
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