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Good Tuesday Morning, MPTraders! June 2, 2026-- Pre-Market Update: 👀👀👀👀-- Has GOOG sent a chill through the Hyperscalers in particular, and through the technology sector in general, with its humongous $80 Billion capital raise to fund the company's AI build-out? Is THIS the spark that unnerves AI, hyperscaler investors who are worried about excessive spending on AI infrastructure in the absence of commensurate revenues? Could be.
A private-market thesis, a public-market handoff, and a question that may only matter in this one unique moment in time.There is an idea I have been turning over for some time now.It may be too esoteric to matter often. It may even be useful only for this particular moment in market history. But the shape of it has become clear enough that I think it deserves our attention.It concerns the private companies now approaching the public markets — names like SpaceX and Anthropic — and whether their pre-IPO valuation history can be read through an Elliott Wave lens.
As the market continues to make new highs, the overall momentum seems to be waning, as evidenced by the drop in the angle of ascent of late. This seems to have caused price to be peeking out from the uptrend channel created during this rally from the wave (iv) low, as seen on the 5-minute SPX chart. Yet, we are a bit short of the 4.00 extension as soon on the 60-minute chart.Yet, the only thing that has really changed from yesterday is the fact that we are starting to seemingly break the uptrend channel I just noted.
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