Morning Market Notes 11-06-26

Market Calendar

$SPX & $QQQ

Bounce mode after the worst day since April 2025. QQQ up 1.70% premarket at 658, ripping back off yesterday's 647 close and pressing right into the 660 key. SPY up 0.28%, IWM up 0.34%, DIA down 0.86%, and VIX off 5.96% to 26.50. That puts SPX around 7375, wedged between the 7350 and 7400 keys with 7450 weak res overhead and 7300 weak sup below. Fear is cooling off, but it's still elevated.

Yesterday was a bloodbath. Nasdaq down 5.52% and into correction, S&P down 4.36%, Dow off 3.44%, every sector red as the midterm results hammered the AI build-out trade and chip names got wrecked. Asia caught it overnight with the Kospi down over 6% and the Nikkei down 5.9% into a bear market. Then payrolls came in hot at 165K vs roughly 55K expected, unemployment dropped to 4.1%, and revisions added 84K. Strong economy, but it pushes Fed hike odds higher, so we'll see if tech can hold this bounce with that hanging over it. Dow futures are the laggard, down close to 1%.

Macro is busy after the jobs print: Musalem at 9:10, UMich sentiment at 10, Bowman at 12:15, and Consumer Credit at 3.

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.