Morning Market Notes 10-08-26

Market Calendar

$SPX & $QQQ

Second red morning in a row. SPY down 0.42% at 773.92, QQQ down 0.67% at 752.64, DIA off 0.72%, IWM off 0.86%. VIX up 4.5% to 15.76. SPX closed Wednesday at 7801.77, right on top of the 7800 Put Wall, and premarket has us back under it, stuck between 7800 and the 7750 weak support. QQQ already lost its 755 Put Wall.

Oil is the story again. More tanker attacks in the Persian Gulf, reports the US is lining up strikes on Iran, and Gulf Coast production getting shut in ahead of a hurricane. The 10 year is still parked around 5.3% and the 30 year near 5.66%. The FOMC minutes didn't help either, most of the committee still sees one more hike before year end. Dow futures are taking the biggest hit, down about 0.8%, with Nasdaq futures off 0.7%.

Macro day is light: Jobless Claims at 8:30, Wholesale Trade at 10, then Musalem at 1:40.

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.