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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.
I decided to write the metals report now as we seem to be sitting on a support region. As we said over the weekend, we were looking for a 2nd wave pullback in the purple count. And, thus far, the market has provided us with that expected pullback. But, I am again going to remind you that we are still likely within a larger degree corrective wave.
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.
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