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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.
Today the market traded lower as we moved into the lower end of the resistance zone for the move up off of the May 19th low. That move lower is still only a three-wave structure and is trading well above even the upper smaller-degree support levels. So until we see a break of that support zone and/or see a full five-wave move down off the highs, we still do not have any indication that we have put in even a local top just yet.
The title just about says it all and I am going to keep this update very simple. Today’s low held where a 4th wave of smaller degree would be expected to hold. Therefore, I am viewing it as wave (4) within wave (v), which you can see on the attached 5-minute SPX chart.The next upside target is the 7646SPX region, which is, astoundingly, the 4.00 extension off the end of March low.
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