Morning Market Notes 11-05-26

Market Calendar

$SPX & $QQQ

Chips are dragging the Nasdaq again. QQQ down 0.85% premarket at 686, back under the 690 key and leaning on 685 with the 680 Put Wall underneath. SPY is flat at +0.09%, DIA up 0.67%, IWM up 0.20%, and VIX up 1.26% to 16.82. That puts SPX around 7695, sitting right on the 7700 key with 7650 weak sup below and 7750 weak res overhead. After yesterday's ripper, the tape is digesting.

Qualcomm is the headline, down about 10% premarket after missing on smartphone chip sales with Apple revenue shrinking, and the chip selloff is rolling into a second day. The midterm hangover is hitting the data-center trade too: UBS says close to 30% of the 2028 buildout is at risk from pauses in key states, so AI infrastructure names are offered across the board. Meanwhile the Dow keeps taking the rotation after the S&P posted its best day in three months yesterday. Oil is bouncing over 1% after an 8% flush, and with the market already pricing another Fed hike next month, we'll see if the Nasdaq finds a bid or if 685 gives.

Macro: Jobless Claims and Productivity at 8:30, Hammack at 8:50, plus more Fed speakers through the day including Barkin. Jobs report tomorrow.

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.