Morning Market Notes 10-06-26

Market Calendar

$SPX & $QQQ

Green tape again this morning. SPY up 0.35% at 777.52, QQQ up 0.44% at 759.49, DIA up 0.44%, IWM up 0.36%. VIX is getting sold, off 1.2% to 15.33. SPX closed Monday at 7773.95 and premarket has us sitting right on the 7800 Call Wall. QQQ is knocking on its 760 Call Wall.

Monday was a tech day, S&P up 0.66% and Nasdaq up 1.05% with the AI chip names ripping to record highs. This morning oil is giving the bulls some room, WTI down about 2% near $87.66 and Brent back under $100 even with Hormuz flows still not fully back to normal. The 10 year is still parked at 5.28% though, so yields are the leash on this rally. Gold keeps grinding, up to around $4,183. SPX holds 7800 and the 7825 key and 7850 weak res open up. Lose it and the 7794 gap and the 7750 Put Wall come into play. We'll see if the Call Walls get pushed higher after the open.

Macro day is light: Trade Balance at 8:30, a $58B 3 year auction at 1, API inventories at 4:30, and Logan speaks at 6. FOMC minutes drop tomorrow.

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.