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MU (Micro Technologies) knocked the cover off the ball last night in its Earnings Report (see Seeking Alpha snippet below), which has goosed the stock 12.5% as we speak. My attached 4-Hour and Daily Charts indicate that MU needs to take out and close above 264.75 to trigger a higher projection to 295-300. In the absence of a close at new ATHs, MU's near-term setup argues for a range-bound period between 240 and 260. As long as any acute weakness is contained above 220, the bulls will remain in directional control... Last is 252.00 off of a post-Earnings spike high at 263.65...
We expected that the market will likely make a decision as to whether it wants to head directly to higher highs early this week. And, the gap up today has now made the pivot on the 5-minute SPX chart our primary focus. Remember, when the market rallies to the 1.236 extension of waves 1-2, then it is likely that we will hold the .764 extension as support for wave iv if we are in wave 3. And, that is where I believe we are right now within the bullish count.
Markets are often described as forward-looking, as if they possess some collective omniscience that allows them to neatly discount the future in advance. But that framing gives markets far too much credit. Markets don’t know the future — they commit to narratives about it. And those commitments are made incrementally, emotionally, and often well before outcomes are clear.Oracle now sits squarely at one of those moments.The company has become swept into the broader hyperscaler AI narrative, where massive capital expenditure is being interpreted as a down payment on inevitable dominance.
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