Pershing Square Preaches Index Funds but Still Charges Active Management Fees

Key technical support now sits at the $36.52 level (10-day MA), with stronger support at $35.33 (20-day MA). The stock's position well above all moving averages provides a technical cushion, but also means it's extended from its recent base. The 6.94% expected move priced into options would bring the stock near its 10-day moving average on the downside ($36.11 lower bound vs. $36.52 MA) or push it to new highs on the upside ($41.49 upper bound). The overall technical setup is supportive heading into earnings, with momentum clearly positive, though the extended nature of the move suggests limited margin for error if results fall short of expectations.