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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
Today the market opened higher but retraced lower shortly after the open. We have since recovered some of that drop but are still holding over yesterday's low and, more importantly, over the larger-degree support zone, keeping the impulsive move up off of the July lows very much intact. This slow and sloppy action is starting to look like we may be forming an Ending Diagonal up off of the 8/6 low, but we still need to break out over the 8/10 high to further confirm that this is indeed the case.
We came into this week with the metals getting a rest with sideways action, but no downside has yet been seen. And, this was followed by another extension today. And, yes, there can still be one more small move higher before this wave completes, but it is still quite extended. Moreover, I still think it is quite reasonable to expect some downside in the coming week.What is interesting is that the more this extends in just this move alone, the greater the probabilities swing towards the bottom being in place already.
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