ES Still Awaiting Catalyst, Plus Charts On AMD & HIMS

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. 

From a more granular, near-term perspective, yesterday's nosedive from 6930 to 6832, supposedly in reaction to POTUS's imposition of 15% global tariffs to replace the original unconstitutional tariffs, as well as more AI-related fallout, this time from the Anthropic-IBM "LLM skirmish," pressed ES toward a test of the lower boundary plateau.

That said, as we speak, ES is circling 6855, above yesterday's low at 6832.75, which is above the three-week February support line that cuts across the price axis in the vicinity of 6815 this AM (see my attached Hourly Chart).

Based on my interpretation of the nearer-term pattern setup, ES will remain between 6815 and 6910 into tonight's State of the Union address, when the market(s) will be searching for a bullish or bearish catalyst that propels prices out of their frustrating, choppy, multi-month range... Last is 6850.75...

AMD announced a deal with META this AM>  META will buy billions of dollars of chips and equipment from AMD. The news goosed AMD from last eve's close at 196.60 to a pre-market spike high at 227.00. My attached 4-Hour Chart shows AMD's multi-month October-February rangebound price pattern, capped on the high side by 260-267 and contained by a floor from 187 to 193. This AM's up-spike has the right look of the initiation of a traverse across the range from the lower boundary toward the upper boundary. AMD Lisa Su will be on CNBC during the 9 AM ET hour. Let's see if whatever she says moves AMD's price further to the upside above 227, or if AMD returns toward 200... Last is 215.56...

In reaction to Earnings, HIMS initially popped to the upside to 16.11 from yest's 4 PM ET close at 15.51, but the reaction was short-lived. Sellers came in to reverse the stock into a nosedive that pressed to a new corrective low at 14.00 (See my attached Hourly Chart). Since the new low at 14.00, HIMS has clawed its way up to the 14.80-15.00 area, BUT my nearest-term pattern work as well as the confirming new low in hourly Momentum warn me that HIMS remains susceptible to rolling over into another loop down into the 13.00-13.50 target window, which is the next lower U-Turn Support Window from where HIMS will initiate a powerful recovery rally from its acute oversold, multi-month downside exhaustion conditions. If and when the expected recovery rally begins, HIMS will encounter its first significant challenge at 17.50-- the near-term bull vs. bear trend demarcation level... Last is 14.61...