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Good Wednesday Morning, MPTraders! June 24, 2026-- Pre-Market Update:The elephant in the MPT trading room this morning is the continued weakness in nearby (August) Crude Oil prices, which we see on my attached Hourly Chart, is bearing down on $70.00/bbl. The low so far is $70.84, the lowest price for a barrel of Oil since March 10th, and a full 35% below the US-Iran war spike high. As long as any forthcoming rally is contained below resistance at $74.50-$75.00 on a closing basis, August Crude points to a test of the 3/10/26 low at $67.50... Last is 71.07...(continued below my Oil Chart)...
Fundamentals Played Out — Now Sentiment Runs the ShowFor years, the case for precious metals miners was a value story. You could point at the balance sheets, at the price of the metal in the ground, at the gap between what these companies were worth and what they traded for, and you could say with some confidence: this is too cheap.That argument has run its course. And you do not have to take my word for it.
Today, the market moved sharply lower, opening the door for the larger wave (b) top to be in place at the 6/15 high. With that said, we still only have three waves down off that high so far and are currently sitting at several key Fibonacci support levels that will need to break to the downside to keep that path in play. If we are unable to break those levels and instead turn back higher, then it would open the door to a few different paths that could still ultimately take this market higher.
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