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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
Terafab was reported as news about a factory. But it is really news about a stock price.The building depends on the multiple that funds it. Which would mean the chart is not downstream of Terafab. It is upstream.On August 6, Tesla and SpaceX confirmed the site for the largest fab ever attempted. They are building it together in Grimes County, under one roof. But they are not paying for it the same way, and that difference is the only thing that matters to either chart. SpaceX pays in stock the market values at a premium.
Not much has really changed since my last update. The only thing that I can add is that we seem to be filling out a c-wave within wave (2) on the 5-minute SPX chart. And, to remind you, as long as we remain over the 7700SPX region, this (1)(2) is set up to rally to the target box overhead in wave v of (iii).Alternatively, a break of 7698SPX would suggest that wave iv in yellow was not yet complete.
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