Morning Market Notes 10-29-26

Market Calendar

$SPX & $QQQ

Alphabet just pulled the rug on the AI trade. QQQ down 1.29% premarket at 716, already under the 720 Put Wall with the 710 key next. SPY off 0.41%, which puts SPX around 7712, under the 7750 weak res and sitting right on top of the 7700 key. IWM green, VIX ticking up to 17.11. Money is rotating out of the Mag7 names, not out of the market.

GOOGL is down about 10% premarket after a search ad slowdown and negative free cash flow as the AI spend keeps ramping, that's north of $400 billion in market cap on the line if it holds. MSFT went the other way, up around 3% on 48% Azure growth, but one name can't carry the whole Nasdaq. The Fed held at 3.75-4% yesterday and pushed the next move to December, with traders pricing better than an 81% chance of a hike. 10-year back around 5%, Brent near $111. We'll see if 7700 holds as the line once the cash open hits.

Macro's already out. GDP came in hot at 3.4% vs 3.2% expected. PCE landed right on the number, headline up 0.5% M/M and 3.6% Y/Y, core up 0.3% and 3.1%, so there's no inflation scare stacking on top of the GOOGL hit. ECB decision on deck, AMZN reports after the close.

Let's have a sesh.

100-point trades were rare. Then he saw the flow.

For kvuk, a 100-point trade was the one that happened once in a while, never the one he could plan for. Then he put the same levels you just read next to real-time flow and started watching it while he was in the trade, not just before he took it. His words: "Having the ability to see flow while I'm in a trade has elevated my trading beyond words." You already have the levels. The flow is what keeps you in for the whole 100.