Morning Market Notes 04-28-26

Market Calendar

$SPX & $QQQ

Tech getting smoked premarket — QQQ down 1.30% and already trading under the 660 Put Wall. SPY off 0.70%. VIX bid up over 7%. The bid for protection is showing up before the cash open.

SPY has been holding it together better than QQQ because the Dow is getting some rotation into it. A WSJ hit piece on OpenAI's failure to hit revenue targets is spooking Mag7 names this morning — we'll see if this premarket downtrend stays in place.

Macro day is light: Case-Shiller at 9, then Consumer Confidence at 10.

Let's have a sesh.

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