September durable goods orders continued to decline month-over-month, though the contraction was slightly better than market expectations. Tesla’s sharp surge yesterday helped support the indices, but SPY still failed to break back above the midpoint of the previously noted range.
The market has been consolidating at high levels for 10 days, showing strong patience. Next week, 168 S&P 500 companies are set to report earnings, including tech giants AAPL, MSFT, GOOGL, AMZN, and META, which could provide new direction for the market.
For today, SPY is expected to test $582ish at the open, followed by resistance at the upper end of the recent range. On the downside, the $578–575 zone remains the key reference area for potential support.
Most individual stocks are trading higher pre-market, though gains are modest.
• Western Digital (WDC) surged +12% after beating earnings expectations.
• HCA Healthcare missed profit expectations due to hurricane impacts, falling -7% from recent highs.
• A court blocked TPR’s (parent of Coach) proposed acquisition of CPRI (parent of Michael Kors), causing CPRI to drop -47%.
Recently, only banking stocks have shown relative strength. This week’s earnings reports from leading industrial companies have mostly disappointed, with more losers than gainers. The healthcare and consumer sectors have been mediocre, while energy has led declines. Most tech stocks are consolidating ahead of earnings.
Continue to focus on managing existing positions and reinforcing risk control.
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