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Good Thursday Morning, MPTraders! March 5, 2026-- Pre-Market Update:-- The War enters Day #5... -- ES is circling the mid-section of a multi-month range amid an impending historical directional shift from negative to positive (See chartwork below)...-- Oil Prices climbed to a new "wartime" high at $78.09 overnight, threatening to emerge from a multi-year range...-- AVGO (Broadcom) reacted positively to Earnings, which has goosed the stock 6%, but can AVGO continue to climb to inflict meaningful damage to the still-dominant three-month correction? -- COST reports Earnings after today's close...
Overnight, the market failed right at the key resistance level that would have needed to break to signal that we were heading directly higher per the yellow count. Today we saw additional downside follow-through; however, the move down off the high is counting better as a corrective wave pattern rather than an impulsive move.This wave structure still leaves several potential paths, and there remains quite a bit of uncertainty as to which direction the market will ultimately break in the near term.
With the market finally breaking support, it did not fall away as I would have normally expected. It tells me that the buy-the-dip crowd is still very much alive and well. But, that does not change my view of the larger structure.The break of the support makes it much more likely that we are within the larger degree pullback, for which I have been expecting for some time. But, with the continued up/down action, it seems to suggest the c-wave of this (a) wave pullback is taking shape as an ending diagonal.
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