Has The Storm Passed?

Good Wednesday Morning, MPTraders! November 5, 2025-- Pre-Market Update:  Has the storm passed? Is the correction exhausted? 

Maybe!  

From an index (ES) perspective, much will depend on the extension and structure of the ES rally from the overnight ("Mamdani") low at 6748.50 to this AM's high at 6801.50. My attached hourly chart shows ES pushing up (now slightly above) key initial resistance at 6801.50, which needs to be sustained and extended to 6850 in the upcoming hour(s), exhibiting bullish form for my work to trigger a significant upside reversal signal. 

A close above 6850 will be extremely significant from a technical perspective. 

From a much bigger picture perspective shown on my attached Daily Chart, let's notice that ES pierced beneath both the 20 DMA (at 6784) and key support at 6764 in overnight trading, but has since reversed sharply to the upside into the 6805 area, leaving behind a "long-tail" potentially bullish Candle that has the markings of a significant upside reversal session.

That said, however, the day is young... Key support on any forthcoming intraday pullback resides from 6800 down to 6765... Last is 6806.00...

Finally, AMD posted very strong Earnings last evening, but the AI space is in the corrective, overvalued (?) doghouse at the moment, which has created a temporary sell-the-news environment.

Technically, AMD's technical setup from its 10/20/25 ATH at 267.08 to this AM's post-Earnings low at 235.51 exhibited incomplete corrective form, and as such, my pattern expectation is for AMD to loop down closer to the 220-225 support target window where my pullback pattern work will look complete. For the time being, AMD is a wait-and-watch situation... Last is 245.30...