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Good Thursday Morning, MPTraders! April 2, 2026-- Pre-Market Update: Today is the final session of the week. Market's are closed tomorrow for Good Friday... Tomorrow at 8:30 AM ET, the Gov't releases the March Jobs Report (to be discussed later this AM)...-- If President Trump intended to imbue the financial markets with confidence about an end to the Iran War, well, whatever he said or did not say had the opposite effect...Front month May NYMEX Crude Oil rocketed from 97.50 just before Trump's speech to a high-- as I am typing this post-- at 112.77 (+15.
Today, the market continued to push higher, and we can now reasonably count the move off the lows as a five-wave structure. This increases the probability that a bottom has been put in for wave (a), and that we are now progressing within a larger wave (b) to the upside. That said, we have not yet cleared a key resistance region on both the SPX and the Nasdaq, which keeps the path to another low very much in play.
With the metals charts pushing just past their resistance, it is certainly raising the probability of the evil purple count. And, if you remember, this means that this rally will likely continue much further in the coming days and possibly weeks, only to set up a c-wave crash-like event to complete this larger a-b-c structure in the metals.The one that is starting to look more likely as this path is GDX.
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