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Good Tuesday Morning, MPTraders! February 24, 2026-- Pre-Market Update: ES, AMD, HIMS, Earnings Releases, and the President's State of the Union Address...There are four trading days remaining in February...ES remains in the confines of a multi-month sideways range that has developed a lower boundary (support plateau) at 6750 to 6800, juxtaposed against an upper boundary (resistance plateau) from 7000 to 7045. A sustained climb above the upper boundary will trigger higher projections to 7220-7280, while a sustained break below the lower boundary will trigger lower projections to 6520 to 6560.
Today we saw the market do exactly what it needed to do to keep both scenarios alive. Price came down into the key support levels outlined in yesterday’s update, held firm, and responded with a push higher. That said, while the bounce is constructive, it is still corrective in nature, and importantly, we remain under overhead resistance.As it stands, the rally off the recent low is only three waves. With that being said, because the red count is structured as a larger Ending Diagonal, it does not require a five-wave move to remain valid.
As I outlined over the weekend, the silver chart was providing us with the clearest path as to how a b-wave can potentially complete. And, I would say that this is still true. So, let’s look at the smaller degree chart in silver as our guide.From the weekend update, we were looking for the market to minimally continue this rally towards the 93 region, which is the .500 retracement of the initial decline off the all-time high in silver. Today, the market approached the 92 level and has seemingly backed off.
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