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Good Tuesday Morning, MPTraders! February 24, 2026-- Pre-Market Update: ES, AMD, HIMS, Earnings Releases, and the President's State of the Union Address...There are four trading days remaining in February...ES remains in the confines of a multi-month sideways range that has developed a lower boundary (support plateau) at 6750 to 6800, juxtaposed against an upper boundary (resistance plateau) from 7000 to 7045. A sustained climb above the upper boundary will trigger higher projections to 7220-7280, while a sustained break below the lower boundary will trigger lower projections to 6520 to 6560.
Intel’s story today is less about growth and more about gravity.Once the unquestioned titan of semiconductor manufacturing, Intel now finds itself rebuilding under pressure. Earnings have contracted sharply from prior cycles. Free cash flow — historically a defining strength — has thinned to the point of strategic vulnerability. Massive capital expenditures aimed at regaining process leadership and expanding foundry capacity have turned the balance sheet into a staging ground rather than a fortress.The numbers are not ambiguous. Profitability has compressed. Competitive positioning has eroded. The turnaround remains aspirational rather than demonstrable.And then there is Washington.
As I outlined over the weekend, the silver chart was providing us with the clearest path as to how a b-wave can potentially complete. And, I would say that this is still true. So, let’s look at the smaller degree chart in silver as our guide.From the weekend update, we were looking for the market to minimally continue this rally towards the 93 region, which is the .500 retracement of the initial decline off the all-time high in silver. Today, the market approached the 92 level and has seemingly backed off.
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