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Good Wednesday Morning, MPTraders! January 7, 2026-- Pre-Market Update:The major market setups I am watching closely for directional purposes as the post-April 2025 advances approach a "final upside thrust": ES, SPY, QQQES-- As long as any forthcoming weakness is contained within or above support from 6920 down to 6873, my Big Picture pattern setup argues for upside continuation beyond the 10/30/25 ATH at 7013.50 to an optimal upside target zone of 7100-7130... last is 6986.25... (continued below my ES chart)...
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With the market holding support in wave v, today’s rally is attempting to make a push towards the target overhead. However, the structure of this last segment higher has turned overlapping, so it can represent several potentials in the micro count.The least bullish is that we are topping as I write this update, as the futures could argue for this wave v to be an ending diagonal. The more bullish scenario is that we have a (i)(ii) set up in this wave v, which can project us up towards the 6980SPX region.
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