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Good Thursday Morning, MPTraders! April 9, 2026-- Pre-Market Update: -- The range of positive, expected, or feared outcomes and the propaganda from the belligerents has created extreme, but increasingly plausible tail risks unlike I have seen in my four decades navigating markets... Hopefully, the tail risks will narrow rather than widen further after this Saturday's face-to-face U.S.-Iranian negotiations, which will be welcome news ahead of a new Earnings season starting next week, when investors might be able to refocus on business and the economy, rather than gaming more War...
After pulling back into support today, the market saw a push higher on what does count best as a micro five-wave move to the upside. We are currently testing the top of that micro five but have yet to break over that high. We still have some key overhead resistance levels that will need to be taken out to confirm that we have indeed bottomed, and until those levels are broken, there still is a risk of seeing lower levels before any significant bottom is found.The most important overhead resistance level remains at the 6684–6728 region.
Futures surged higher yesterday evening, breaking out above last week's high to confirm that wave c of B is indeed underway off of Thursday's low. Based on that expectation, price should be finishing wave (iii) of c, so another (iv)-(v) is expected before wave c of B completes.If the pre-market high struck this morning completed wave (iii) of c, then so far we do not have a deep enough pullback or long enough consolidation that looks like wave (iv) of c convincingly complete already.
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