Tech remains quite strong vs. SPX despite some mixed results Array ( [cookie] => 80a3af-34a1ae-37e696-a1190c-19ce21 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 1 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_pro [visitor_id] => 591470 [reason] => [method] => ) 1
QQQ, DJIA and SPX are right at October lows, and should attempt to make a stand this week. However, this likely does depend on stellar Technology earnings along with a larger rolling over in both US Dollar and Treasury yields. A sharp, high breadth Equity rally is needed nearly right away to prevent selling pressure into late October. Given the degree of broader market weakness, the burden of proof is certainly on the Bulls.
At the time of this writing, following post-market close (Tuesday) earnings out of $MSFT, $HPQ, $GOOGL, haven’t helped to lift Equity futures in the post-market futures market. MSFT rose, along with $DDOG, and $SNOW, while both HPQ, $ADI, and GOOGL fell. (5pm EST) Thus far, earnings look like a mixed bag for Tech ahead of their respective conference calls.
Given that broader Equal-weighted gauges for US Equities have slipped to the lowest levels of the year, markets are truly much weaker than what might be expected when just eyeing QQQ or SPX on their own. A strong lift out of Technology is thought to be important towards seeing the market bottom out, along with evidence of stabilization out of both the Bank stocks and Healthcare.
Subscribe Today to FSI Macro
If you are an existing member, to see your special offers.
|
|||
Claim This Offer! |
|
|||
Claim This Offer! |
At FS Insight we offer a 30-day risk-free cancellation period for all new memberships.
View all FS Insight products with our exclusive Black Friday offers!Why FS Insight
FS Insight helps you invest confidently with the same research banks and hedge funds use.
Daily Updates from Tom Lee
Start your day with Tom Lee’s pre-opening bell report. Navigate the trading day with Tom’s daily macro minute video and updates on key developments.
Real-Time Alerts from Tom Lee and Mark Newton
Stay in the loop with FlashInsights, real-time commentary on market-moving events delivered instantly from our research heads to you.
Daily Technical Strategy
Report
and Video
Tactical opportunities and actionable signals, including daily in-depth analysis on current market technicals.
Monthly Market Update Webinars Presenting Timely Top Ideas
Get a behind-the-scenes look at our top stock ideas. Learn what makes each pick timely at our monthly webinar and Q&A with Tom and Mark.
Access Stock Lists Developed by Tom Lee and Mark Newton
We offer a variety of stock lists across methodologies and time horizons. Choose the portfolio that best fits your investment style.
Engage with Tom and Mark
Your membership includes members-only webinars and fireside chats. Join Q&As with our research team, CEOs, and industry experts across AI, geopolitics, and more.