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Good Monday Morning, MPTraders! October 26, 2026-- Pre-Market Update: Hot off the presses: META announces a Stock and Convertible Bond Deal to raise as much as $95 billion, no doubt to finance its AI spend:From Flyonthewall:Who cares? It seems to me that this self-financing effort is another litmus test for investors' tolerance or acceptance of Hyperscaler spending on their AI build-out... And so far, The Street likes it(!)-- although, to be fair, the secondary stock portion of the deal won't be priced until tonight for tomorrow...
In Case You Missed It…SPX lost approximately 36 points this week. The NDX fared a little worse, while IWM and DIA ended the week in the green. I was distracted for the latter part of the week due to travel plans and a wedding this weekend. I need to do a little catching up. I am going to walk through the process of re-orienting myself after time away from the market.First, I want to briefly look at the larger picture on the major equity indexes.
In my weekend update, I outlined my reasonable expectation for a rally to be seen this week, which should provide us with a 1-2 downside structure in our primary wave count. As I write this update, we have struck our wave 2 target/resistance box.The question now is if we begin another smaller degree 5-wave structure to fill in wave i of wave 3 (as outlined on the 5-minute SPX chart), or does the market push a bit higher into the resistance box?Well, I can make out a small 5-wave decline off today’s high.
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