Morning Market Notes 11-11-26

Market Calendar

$SPX & $QQQ

Happy Veterans Day. Salute to every veteran in this community and everyone who ever put on the uniform. You're the reason we get to sit here and trade free markets every morning. Thank you for your service 🇺🇸

Tech is ripping back premarket. QQQ up 1.87% to 687, back over the 685 key with yesterday's 674.76 close and the 680.95 gap sitting well below. SPY up 0.92%, IWM up 0.91%, DIA lagging at +0.26%, and VIX getting crushed 5.19% to 18.45. SPX closed at 7520.93 and is trading around 7590 premarket, back over the 7543.92 gap and pressing up into 7600 weak res, with 7676 res above that.

The AI trade is back on. Blowout guidance out of the AI infrastructure space soothed the spending fears that smoked tech the last two sessions, and the chip names are leading the bounce hard. That's happening with traders treating a December hike as a lock after yesterday's hot CPI, so this is relief in the beaten-down names, not a Fed pivot. Oil is bouncing too with Brent near $92 on Hormuz risk. We'll see if the bid can push through 7600 once cash opens.

Macro day is empty: nothing on the calendar and the bond market is shut for Veterans Day, so no yields to lean on today. Stocks trade a full session.

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 His words: "The stress and fear have been replaced by calm and confidence."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.