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Good Wednesday Morning, MPTraders! June 24, 2026-- Pre-Market Update:The elephant in the MPT trading room this morning is the continued weakness in nearby (August) Crude Oil prices, which we see on my attached Hourly Chart, is bearing down on $70.00/bbl. The low so far is $70.84, the lowest price for a barrel of Oil since March 10th, and a full 35% below the US-Iran war spike high. As long as any forthcoming rally is contained below resistance at $74.50-$75.00 on a closing basis, August Crude points to a test of the 3/10/26 low at $67.50... Last is 71.07...(continued below my Oil Chart)...
With the metals approaching our initial target zones to mark the end of this correction which began in January, I have personally now deployed approximately 50% of the capital I have designated for buying mining stocks. And, if I may remind you, our MMA analysts have put out a buying list of individual mining stocks earlier this week. So, let’s look at each of the charts individually.
After moving higher in the morning session, we saw the market move lower in the afternoon session and break the low that was struck yesterday. This is keeping the pressure down in the equity markets, and as long as we continue to move higher in a corrective fashion, this pressure should continue to build to the downside. With that being said, there are still two viable bearish paths that I am viewing as likely. How the market moves through the Fibonacci levels in the days ahead will help differentiate which path we are following if we are indeed heading lower.
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