Morning Market Notes 10-09-26

Market Calendar

$SPX & $QQQ

SPY up 0.33% at 776.52, QQQ up 0.69% at 752.75, DIA up 0.12%, IWM up 0.32%. VIX off 1.4% to 15.19. SPX closed Thursday at 7765.36, and premarket has us back above the 7750 weak support, sitting right under the 7800 key level. QQQ is pressing back up into its 750 Call Wall.

The Iran headline is doing the heavy lifting. Trump said this morning the US won't hit Iran before the November 3 midterms and called the talks productive, and Tehran is reviewing the US response on reopening the Strait of Hormuz. That's letting some air out of oil, WTI down to about $90.90 and Brent near $103. Tech is bouncing after yesterday's beatdown on the report that OpenAI's annualized revenue came in about $20 billion light, so Mag7 names are leading the rebound. Shipping around Hormuz is still getting hit though, so we'll see if this bid holds into the open or fades back toward 7750.

Macro day is light: Schmid at 9:30, then UMich Consumer Sentiment at 10.

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.