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Good Wednesday Morning, MPTraders! June 24, 2026-- Pre-Market Update:The elephant in the MPT trading room this morning is the continued weakness in nearby (August) Crude Oil prices, which we see on my attached Hourly Chart, is bearing down on $70.00/bbl. The low so far is $70.84, the lowest price for a barrel of Oil since March 10th, and a full 35% below the US-Iran war spike high. As long as any forthcoming rally is contained below resistance at $74.50-$75.00 on a closing basis, August Crude points to a test of the 3/10/26 low at $67.50... Last is 71.07...(continued below my Oil Chart)...
With the metals approaching our initial target zones to mark the end of this correction which began in January, I have personally now deployed approximately 50% of the capital I have designated for buying mining stocks. And, if I may remind you, our MMA analysts have put out a buying list of individual mining stocks earlier this week. So, let’s look at each of the charts individually.
Today the market moved higher overnight, only to drop sharply in the early morning session. Since then, we have been range-bound between the overnight high and the morning low. While the action was certainly volatile this morning, the overall count has actually not changed at all, and today's action has put us right back where we were at yesterday's close. I am still viewing the same three counts that I laid out yesterday as viable, and until we see a break of the support or resistance levels discussed yesterday, they will all remain in play.
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