Oct 15:Daily Updates

September CPI inflation data was not released due to the government shutdown. Financial leaders MS and BAC both reported earnings well above expectations. ASML also beat estimates on both results and backlog, lifting stock index futures sharply higher. The Russell 2000 broke to a new all-time high, and the Dow 30 almost fully recovered last Friday’s losses. Tech stocks were relatively weak, with the Nasdaq 100 and S&P 500 closing lower yesterday.

Most stocks are trading higher premarket, led by quantum computing, chip equipment, nuclear power, and financials. SPY opened lower yesterday, dropped to test Friday’s intraday low around $653, then formed a double bottom rebound. The key resistance at the open is near $668 — a quick breakout there could retest last week’s high around $674. Intraday support has moved up to around $663.

GS and JPM, which reported earnings yesterday, opened lower and fell below their medium-term averages before rebounding strongly, closing back above them — lifting value stocks across the board. Watch today for follow-through above the short-term downtrend line. Chip and equipment stocks, including the seven big tech names, have been underperforming the market recently — watch if they start to catch up today.