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Good Wednesday Morning, MPTraders! April 29, 2026-- Pre-Market Update: --- Today is Fed Day (2 PM and 2:30 PM ET)...--- Mag7 Earnings Day (MSFT, META, AMZN, GOOG after the close)...--- But the elephant in the room this morning is the continued sharp climb in the nearby June Crude Oil price to a 3-week high at 103.82, which represents a 31.5% upmove since the April 17th pullback low at 78.97 (from the 4/07/26 high at 114.
Today, the market moved lower right into the upper end of the support zone that we laid out for the potential green wave (iv) and has moved up sharply off of that low. This is leaving the door open for a local bottom to have been found as part of the larger Ending Diagonal wave structure that has been laid out per the green count. With that being said, we still have some key resistance levels overhead that will need to break before we have confirmation that we are indeed heading to new highs.
As I noted in my earlier update, the SPX is now approaching the 3.618 extension of waves i-ii off the end of March low. And, yes, this is extreme. But, there is still no clear indication that a top has been struck. Minimally, we would need to see a strong break down below 7320SPX to suggest that the blue wave 2 or the red a-wave is in progress.In the meantime, I have noted over the last week that the IWM may still be attempting to complete an ending diagonal, as outlined on the 60-minute IWM chart.
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