Morning Market Notes 09-03-26

Market Calendar

$SPX & $QQQ

Bulls finally got a green close yesterday, snapping the three-day slide, and the overnight is trying to hold it. SPY 766.66 up 0.20% premarket, QQQ flat at 709.59, VIX down to 15.1 from 16 handles two days ago. The Iran tape is still running: Tehran hit US positions in Kuwait and the UAE overnight after another round of American strikes, Trump called it a love tap. Equities are shrugging it off for now, energy and yields are not.

Dealers walked the goalposts back UP overnight, which tells you the bid is real. SPY Call Wall lifted 765 to 770, Put Wall 760 to 765, QQQ boxed 700 to 710 with spot sitting right on the 710 wall. SPX stays in the same 7600 to 7700 corridor, spot 7666, implied move 0.96%, so roughly 7590 to 7740 covers the day. Above 7700 the gamma flips friendly and 7741 is the next magnet. Lose 7650 and we are right back to testing 7600 into NFP. Snowflake up 24% on the print is the AI-spend story doing the heavy lifting in tech.

Macro is stacked: Jobless Claims and Trade Balance at 8:30 with Waller talking at Reuters, S&P Services PMI at 9:45, ISM Services at 10 (54.4 expected), then Hammack and Goolsbee at 3. Challenger cuts came in at 52.9K, up 58% from July but the lowest August since 2022. NFP tomorrow morning.

Let's have a sesh.

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