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Good Thursday Morning, MPTraders! March 19, 2026-- Pre-Market Update: Looking at all the red price action across my screens this AM, extending yesterday's relentless decline, the weakness reinforces my growing sense that ES is in the grasp of a liquidation event, a protection and preservation of capital operation during a period of constant uncertainty that continues to rotate through sectors and asset classes...ES is down 38 points and 0.6%, but more importantly, is pressing dangerously into the March 2026 corrective low-zone from 6634.25 down to 6608.
As I outlined over the weekend, gold was the clearest of the charts of late. And, I also noted that should we see a sustained break of the 5000 region, then we are likely next heading to the 4800 region which will be a VERY important point for the market.To explain again, thus far, we have dropped down to the 1.00 extension (4800 region) off the 1-2 downside set up we have been tracking. Normally, when the market bottoms at the 1.00 extension and begins an impulsive rally back up through the .618 extension (4983.
Today we continued to push lower, breaking the March 8th low and inching us closer to completing the larger Ending Diagonal that we have been tracking to the downside for several weeks. While we did break the March 8th low, which technically fulfills the minimum requirements for a completed Ending Diagonal, the micro structure still looks incomplete to the downside. Furthermore, the Nasdaq and the Russell 2000 have yet to break that March 8th low, all of which is still suggestive that we have lower to go before an ultimate bottom is struck.
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