Morning Market Notes 11-10-26

Market Calendar

$SPX & $QQQ

Hot CPI and the tape is feeling it. QQQ down 1.17% premarket to 671, back under the 675 key and leaning on the 670 key, with yesterday's 679 close and 680 res now overhead. SPY off 0.48%, IWM down 0.76%, DIA flat, and VIX bid up 4.87% to 20.89. SPX is around 7515, holding just over the 7500 key with 7450 weak sup under it and 7600 res above.

October CPI came in at 0.4% vs 0.3% expected and core beat too, which is the last thing a Fed already talking hikes wanted to see. Waller was floating a 50bp hike for December before the print, so hike odds are getting repriced this morning. Tech is taking the hit again while the Dow holds flat, so the rotation out of the AI names is still on. Oil cooling off with Brent near $90 isn't enough to offset it. We'll see if the 7500 key holds once the cash open hits.

Macro day from here: Logan at 10:50, NY Fed household debt report at 11, Schmid at 1:30, then Bowman at 3:30.

Let's have a sesh.

Same charts. The fear got replaced by calm.

Most of what wrecks a trade happens between your ears: the second-guessing, the panic exit, the revenge entry after a red one. MikeTrades put the same levels you just read next to real-time flow, and the flow started answering the questions his nerves used to. His words: "The stress and fear have been replaced by calm and confidence." You already have the levels. The flow is what lets you trade them without the knot in your stomach.