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Good Tuesday Morning, MPTraders! March 31, 2026-- Pre-Market Update:-- Another Trump Tweet gooses equity index futures prices at around 7:15 AM ET:I think the implication of his comments indicates that the U.S. is oil self-sufficient and can walk away from the Iran War with the Strait of Hormuz closed, leaving most other countries in Europe and Asia, in particular, scrambling to procure their own oil.
Last week, shares of Super Micro Computer (SMCI) fell after news broke that a company co-founder had been indicted for allegedly diverting AI servers to China. This week, a new shareholder class action lawsuit filed in California sent investors bailing once again. The headlines were dramatic. The selling was swift.But the chart had already seen this coming.What the News Appeared to ExplainOn the surface, the narrative writes itself. A co-founder indicted for allegedly rerouting AI hardware to China. A shareholder lawsuit following close behind.
I always find it a challenge when we have one pattern playing out in the SPX and another in the futures. As I write this, the futures have struck the support I noted over the weekend at 6360ES, and have seen a large rebound off that low. However, the SPX pattern seemed incomplete, which is maybe why we are seeing the lower lows in SPX, whereas this may only be a corrective b-wave pullback in ES. And, that is how I have it analyzed on the various charts.
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