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Good Tuesday Morning, MPTraders! July 21, 2026-- Pre-Market Update:In the aftermath of a weak Monday close, the stock indices are higher this AM. A Turnaround Tuesday appears to be in progress so far today, but will it be technically significant? What does ES have to do to indicate that the toppy patterns have given way to more bullish dominance? Let's start with a review of the Big Picture setup in ES, which we see has coiled itself into a narrowing range between support lodged from 7445 to 7475, and resistance hovering from 7530 to 7550.
Before SpaceX traded a single share publicly, I published a target zone of $225 to $240 for where the post-IPO advance would likely end.The stock topped at $225.61.I wrote that original piece hedged in every direction I knew how to hedge. I called it a thesis offered as a question, not a verdict. I said the wave analogy was an adaptation rather than a textbook application. I flagged that the projection math was exquisitely sensitive to where you place the launch point — move it one shelf and the answer swings enormously.
Today, the market turned higher after testing last week's lows at yesterday's close, following the purple path that I laid out in yesterday's update. We are currently still trading under the resistance zone for that path on what remains corrective wave action off last week's low. So, as long as we continue to hold under that resistance zone, my base case will remain that we see this resolve lower to fill out a larger ABC pattern off the highs.
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