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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.
Tempus AI has become less a stock and more a storyline.On one side stands the vision: artificial intelligence transforming oncology, a vast clinical and molecular data library embedded into hospital workflows, and the possibility of building a durable, high-margin precision medicine platform. In this framing, Tempus is infrastructure — not discretionary software — and its long-term value lies in the depth of its data moat.On the other side stands skepticism. More than $700 million in accumulated GAAP losses. Over $1.3 billion in debt. Aggressive acquisitions. Convertible notes that depend on materially higher equity prices to ease future obligations.
Today we saw the market do exactly what it needed to do to keep both scenarios alive. Price came down into the key support levels outlined in yesterday’s update, held firm, and responded with a push higher. That said, while the bounce is constructive, it is still corrective in nature, and importantly, we remain under overhead resistance.As it stands, the rally off the recent low is only three waves. With that being said, because the red count is structured as a larger Ending Diagonal, it does not require a five-wave move to remain valid.
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