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Good Tuesday Morning, MPTraders! June 2, 2026-- Pre-Market Update: 👀👀👀👀-- Has GOOG sent a chill through the Hyperscalers in particular, and through the technology sector in general, with its humongous $80 Billion capital raise to fund the company's AI build-out? Is THIS the spark that unnerves AI, hyperscaler investors who are worried about excessive spending on AI infrastructure in the absence of commensurate revenues? Could be.
With the market again going sideways for the last day and a half, it resolved that action to the upside. So, clearly, no support has yet been broken, and the market continues to squeeze higher.With the market now inching even closer to the 4.00 extension in SPX (7646SPX), we are within 30 points of that target as I write this update. Moreover, there is a larger degree trend line overhead as well in the same region, which can be seen in the attached 60-minute SPX chart.
A private-market thesis, a public-market handoff, and a question that may only matter in this one unique moment in time.There is an idea I have been turning over for some time now.It may be too esoteric to matter often. It may even be useful only for this particular moment in market history. But the shape of it has become clear enough that I think it deserves our attention.It concerns the private companies now approaching the public markets — names like SpaceX and Anthropic — and whether their pre-IPO valuation history can be read through an Elliott Wave lens.
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