The Day After ... Is Ship Righting Itself?

Good Tuesday Morning, MPTraders!  August 6, 2024-- Pre-Market Update: The day after market panic and chaos, is the ship righting itself, emerging from turbulent seas, or is this the calm before the back-side of a Cat-5 storm? 

MJP Perception: The price action represents the calm before the back-side of the storm. My attached Big Picture Chart of ES shows yesterday's low at 5120, which was a successful first test of the up-sloping 200 DMA, now at 5143, followed by a recovery rally that hit a high of 5305.50 in overnight trading. My dotted lines indicate my preferred price path based on my pattern set up work that argues for additional recovery strength to either 5340/60 or possibly closer to 5400 prior to my expectation of a downside pivot reversal and nosedive to a second (and very critical) retest of the 200 DMA. If such a scenario unfolds, and ES breaks and sustains beneath the 200 DMA, then my setup work will project a new lower Target Window in the vicinity of 5000. 

My attached 5 Minute ES Chart shows my preferred price path in more granularity... Last in ES is 5258.00

On the Earnings Front, I have included nearer-term charts of PLTR, which knocked the cover off of the proverbial fat-pitch fastball in last eve's report, and upped its guidance for Q3 and for all of 2024. In reaction, PLTR has rocketed as much as 15%, now up 11.3% (See Seeking Alpha write-up below my charts)... Last is 26.78 in pre-market trading...

UBER also produced stellar earnings, albeit a bit light on next quarter's bookings. The stock is up 5.9% in pre-market trading within a near-term setup that argues yesterday's spike low at 53.25 ended a 35% correction off of the March high at 82.14. If my work proves reasonably accurate, then any forthcoming UBER weakness will be contained above 56.50 ahead of upside continuation that challenges and chews-through key resistance lodged between 62.60 to 64.45... Last is 62.00...

From Seeking Alpha...