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Good Wednesday Morning, MPTraders! April 29, 2026-- Pre-Market Update: --- Today is Fed Day (2 PM and 2:30 PM ET)...--- Mag7 Earnings Day (MSFT, META, AMZN, GOOG after the close)...--- But the elephant in the room this morning is the continued sharp climb in the nearby June Crude Oil price to a 3-week high at 103.82, which represents a 31.5% upmove since the April 17th pullback low at 78.97 (from the 4/07/26 high at 114.
Last week, the market had a break-out set up to follow through within the purple count and a much more evil b-wave structure. However, the only chart that took the opportunity was silver, as it rallied and approached the target we had for that purple b-wave. Yet, it did come up a bit short.But, both gold and GDX were unable to muster the escape velocity and turned back down towards the end of the week, which increased the potential that they will head directly lower to complete this leg of a very complex correction.
Last week, we saw the market finally move lower after a very extended move higher over the past month, opening the door for at least a local top to be in place. Today, we saw further downside follow-through, further opening the door for at least a local top to be in place at last week's high. While we still have some downside pivots that will need to break to further confirm that we have indeed put in a top, the action today, which has been corrective to the upside, is very much supportive of this case.
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