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Good Wednesday Morning, MPTraders! April 15, 2026-- Pre-Market Update:-- The overbought market was positioned for a Wednesday pullback, but President Trump's comments (see below) and the attendant knee-jerk algorithmic buy programs attached to his comments put a floor under any weakness in pre-market trading. MJP comment: Whereas POTUS jawboning and comments drove the equity market higher since 4/08/26, now- one week later-- his tweets are merely holding it up, not driving it higher, which is a much riskier proposition for late buyers up here... and a prescription for disappointment...
Today, we saw the market continue to push higher, with the SPX moving into new all-time high territory and the ES not far behind. To say this has been an impressive move off the lows would be an understatement. The ES has now rallied more than 11% in just 10 trading days, an aggressive move by any standard.What makes this even more notable is that it comes on the heels of significant fear and uncertainty near the lows. It’s safe to say that the vast majority of market participants were not positioned for, nor expecting, this type of upside extension.
This wave structure is so stretched right now – as we are approaching the 2.00 extension – that I am thinking about expanding the standard Elliott Wave analysis to include a wave 5.5 for this type of extension. (smile)So, as we approach the 2.00 extension for just this wave segment, it is clear that the wave count is quite full. But, no support has yet been broken.
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