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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
In Case You Missed It…We expected more clarity this week and we got some. The equity indexes exhibited more conformance this week, but not much. They all ended the week strong, with SPX breaking above is trading range and heading to a new all time high while NDX merely made it back to its sideways range. SPX gained approximately 268 points this week. Volumes on the indexes are back to their average levels.
Not much has really changed since my last update. The only thing that I can add is that we seem to be filling out a c-wave within wave (2) on the 5-minute SPX chart. And, to remind you, as long as we remain over the 7700SPX region, this (1)(2) is set up to rally to the target box overhead in wave v of (iii).Alternatively, a break of 7698SPX would suggest that wave iv in yellow was not yet complete.
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