Morning Market Notes 10-22-26

Market Calendar

$SPX & $QQQ

AI trade getting hit premarket. QQQ down 1.57% and already back under 720. SPY off 0.90%, which puts SPX back below 7700. VIX up almost 8% to 18. The bid for protection is showing up.

Tesla and Meta didn't settle the AI debate last night. Tesla cut its capex forecast, which raises questions on how fast the AI and robotics push really moves, and Meta is rolling out a new class of non-voting shares to fund its AI spend. Chip names are leaking 3-4% across the board. Yesterday's 0.58% S&P pop to 7757 is getting handed back, so we'll see if 7700 gets reclaimed or the 7650 weak sup gets tested.

Macro day: jobless claims at 8:30, Leading Indicators at 10, KC Fed at 11. Earnings before the bell from P&G, Honeywell, Lockheed, Union Pacific and Blackstone.

Let's have a sesh.

The name was PaperHand Tommy. Not anymore.

The name says exactly what Tommy was: the guy who read the levels right, got in, and bailed on the first wick against him. Then he put the same levels you just read next to real-time flow, and the flow started telling him whether the move was still on before his hands could get in the way. His words: "I feel almost robotic with the trades I take with flow. No hesitation. Just action." You already have the read. The flow is what gets you to hold it.