Morning Market Notes 10-02-26

Market Calendar

$SPX & $QQQ

Bid across the board premarket and it held right through a soft jobs number. IWM up 1.38%, QQQ up 1.11% at 750.27, SPY up 0.82% at 770.25, DIA up 0.83%. VIX getting hit, down 5.3% to 15.53. SPX closed at 7666.45 and premarket has us back over 7700, now weak sup, working under 7750 weak res with 7800 res above that.

The catalyst is the jobs miss. September payrolls came in at just 29K vs roughly 90K expected, August got revised down to 133K from 162K, and unemployment ticked up to 4.2%. Bad news is good news this morning. October hike odds dropped to about 23% and the 10 year slid to 5.17%, backing off its 24 year high. Oil is getting dumped too, WTI down almost 4% to around $89 on talk of government stockpile releases. Lower yields and lower oil is the combo this tape has been begging for. QQQ is sitting right on its 750 Call Wall and SPY on its 770, we'll see if they push through or pin there after the open.

Macro day: Factory Orders at 10, then Logan speaks later today. Jobs number is in the rearview, so the tape gets to decide how it closes the week.

Let's have a sesh.

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