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Last Tuesday afternoon, hours before CAVA (Cava Group) was scheduled to report Earnings, this is what I posted for MPTrader members:CAVA reports Earnings after today's close. Approaching the news, CAVA is circling 61, a full 40% beneath its April 2026 high at 98.79, amid an unconfirmed new corrective low at 60.21 yesterday (8/10/26), leaving CAVA positioned for a "buy-the-news" setup (the opposite of a sell-the-news setup in a name that is up 30% to 40% approaching Earnings).
In Case You Missed It…I was unsure what to expect this week, but was ready for continuation higher. We got slight weakness instead. The larger takeaway is that equity indexes did hit a new high in early August, traded sideways for two weeks, and is now headed down to test the top of the sideways range it had been in for months. Volumes are consistent with summer trading.SPX closed the week at 7674.37, approximately 111 points above last Friday’s close and right at the Gamma Threshold level.
I can’t say much has really changed with today’s action. The market made a slightly lower low but still held over support. And, as long as we hold over support, the yellow count is still quite alive and well.But, in order to make the yellow count a much higher probability, we will still need to see a 5-wave rally back towards the highs for wave i of (v). Until that happens, this can still become quite precarious and see a break-down of support.
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