Morning Market Notes 10-05-26

Market Calendar

$SPX & $QQQ

Quiet start to the week after Friday's rip. SPY flat at 769.36, QQQ off 0.22% at 747.93, IWM up 0.23%, DIA flat. VIX is getting bid though, up 5.4% to 16.13. SPX closed Friday at 7722.72 and premarket has us boxed between 7700 weak sup and 7750 weak res, with 7725 as the key in the middle of that range.

Friday was a big day, S&P up 0.73% and Nasdaq up 1.19% off the soft jobs print. This morning the bond market is back in the driver's seat. The 10 year is up to 5.28%, right back near its 24 year high, and tech names are cooling off after the run. Oil is mixed, WTI off about half a percent near $90.50 while Brent holds over $100. Gold keeps ripping, up another 0.6% to around $4,189. SPX is pinned between its 7700 Put Wall and 7750 Call Wall, and QQQ is working just under its 750 key with the 740 Put Wall below. We'll see which side of the box breaks after the open.

Macro day: Services PMI at 9:45, then ISM Services at 10. FOMC minutes drop Wednesday, and earnings season starts warming up later this week.

Let's have a sesh.

The edge is also knowing when to sit on your hands.

Most traders don't lose on the setup, they lose on everything they take around it: the chop entries, the boredom trades, the forced fills. UmaA put the same levels you just read next to real-time flow and got the part nobody sells you: "Not only does this tool indicate when to enter, it also indicates when to sit on your hands." You already have the levels. The flow tells you which ones to leave alone.