SPY is still in a bullish camp but with no clear signal: it sits on support, inside an ascending channel, and needs the next catalyst to pick direction, with Apple earnings, the midterm result, and the jobs report named as the likely drivers. The watchlist shifts toward defensive, best-in-class names as money rotates from growth into value, while high-risk names like INTC, CRWV, and APLD are framed as too risky until charts clarify. Apple, MSFT, GOOGL, and NVDA are the main trade setups: AAPL has a wedge with 289 as the downside break target and 343/353 as upside checkpoints; MSFT already hit the predicted 509 backtest; GOOGL is a 2027 buy with 265 as the key downside level; NVDA can still make a new ATH but could also wash to 190. The core call is to wait a couple more days, at least through the jobs report, before taking heavy risk.
Market could worsen tomorrow as politicians “test their support,” mirroring the market testing support over the last couple weeks.
SPY has no clear signal, is red, still in the bulls’ camp, and is sitting on support before it “really gets ugly.”
SPY catalysts named: AAPL earnings, the midterm election outcome, and the jobs report; a steady jobs report with wages easing a bit is framed as good for the market.
SPY already bounced at 750, forming a higher low; 764 was the failed trigger level that sent price back to 750.
SPY remains inside an ascending channel, but the channel only turns bearish on a breakdown; RSI is the key watch, with a flush zone tied to 40 RSI and downside room to 714 if momentum hits that area.
INTC is described as “not done going down” because the issue is fundamental, not technical; it is not framed as a reset, dip, or V-shaped recovery, and smart money is already out.
Best-in-class names are defined as slower-moving companies that “aren’t going anywhere,” with late-September stacked green candles cited for WMT, MCD, KO, and PEP; AAPL is also on that watchlist.
AAPL has an ascending wedge: if it breaks, the wedge target is around 289 in the coming days; if it holds, it can keep climbing to the tip.
AAPL’s support “ledge” was once resistance, then broke and backtested before a huge move higher; if it breaks below that ledge this week, the 289 target applies.
AAPL upside levels are 343 first and slightly above 353 second; 353 is also framed as another “sell the RIP” point for big tech, while a close beneath 333 and further weakness points back toward 289-280.
AAPL is called a solid long-term hold and the world’s largest market cap today, after NVDA had briefly taken that spot before fading; Wall Street is punishing AI over debt and ROI, while AAPL is viewed as having managed money extremely well.
AAPL’s phone in the duo is sold out, with difficulty getting one now.
MSFT’s earnings setup played out: 571 was the expected wick-up sell-the-rip level, then 531 was the close-below level that would send it to 509; price is now beneath 509, and the 509 backtest is described as fulfilled.
The late-September value call is still in play: a stock named MCD is due Wednesday morning, and the path described is a backtest of the 200-day moving average between 280 and 271.
Money is rotating into value plays rather than leaving Wall Street, and the plan is to wait for charts to get clearer before taking heavy risk.
GOOGL is called worth buying for a 2027 view, with 265 the main expected downside price and a lower local low still not yet in place.
NVDA is still best-in-class and expected to outperform into 2027, with a possible new all-time high but also a downside path to 190; risk is intended to be increased only if price gets closer to 190.