Morning Market Notes 10-23-26

Market Calendar

$SPX & $QQQ

Bounce attempt fading into the open. SPY now off 0.46%, which drops SPX through yesterday's 7637 gap with the 7600 weak sup next. QQQ down 0.29% and leaning on the 700 Put Wall after getting beat up almost 3% yesterday. The Dow is still the laggard, DIA down 0.86%. VIX up 6% and back over 20.

Yesterday was an AI financing scare. Meta dropped 7% on a bigger AI spend forecast plus new shares to pay for it, NVDA lost 4.4%, AMD over 8%, and the Nasdaq 100 got hit 2.9% while the Dow closed flat. Jensen telling CNBC there's a scarcity of capital didn't help. This morning the selling is spreading, the Dow is taking the hit with AmEx red after earnings and tech can't hold its early bounce. Brent still sitting around $114 on Iran headlines. We'll see if 7600 holds at the open or if we go looking for 7527.

Macro day: flash PMIs at 9:45, then UMich final sentiment at 10. AmEx and SLB reported before the bell.

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.