Near-Term Double-Bottom Low In?

Good Tuesday Morning, MPTraders!  March 31, 2026-- Pre-Market Update:

-- Another Trump Tweet gooses equity index futures prices at around 7:15 AM ET:

I think the implication of his comments indicates that the U.S. is oil self-sufficient and can walk away from the Iran War with the Strait of Hormuz closed, leaving most other countries in Europe and Asia, in particular, scrambling to procure their own oil. Trump is threatening to leave the rest of the world out on a limb, expecting Trump and the American military to, one way or another, take control and/or open the Straits to enable the free flow of oil. Trump is pressuring other nations to join in the effort to open The Straits, or suffer the consequences. 

For the markets, this is a two-edged sword. On one hand, any movement toward a cessation of war is a positive, while on the other hand, "normalizing" the closure of the Strait of Hormuz is hardly a solution to the world's procurement of oil. 

My sense is that the equity markets and many individual names are so oversold and tilted bearish from an institutional position perspective that a relief rally could emerge at just about any hour, especially on the final day of the quarter on the heels of a 10.5% decline in the SPX and 30% to 50% declines in technology, financial, and software names... 

Technically, as we discussed late yesterday, the pattern carved out in ES during the past 24 hours has the makings of a near-term Double Bottom Low in and around 6350/60 (see my attached 15 Minute Chart). To confirm the Double Bottom, ES needs to climb and sustain above 6485, which will point to upside follow-through into the 6570-6600 target window. 

The inability of ES to climb and sustain above 6480/85 followed by a decline that breaks 6420 will be a negative technical omen that the index remains vulnerable to yet another loop lower to revisit the 6350/60 support plateau, and if violated, then 6300-6315 is back on the table as a next significant target window... Last is 6452.25...