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Good Monday Morning, MPTraders! October 12, 2026-- Pre-Market Update: On top of the heightening wall of worry that includes...-- Rising oil and diesel prices...-- Iran War, Houthi expansion of war to Saudi Arabia-- Rising longer-term Yields...-- Huge AI capital commitments and expenditures...-- Inflationary expectations unabated...-- "Affordability"-- Mid-term elections approaching...... which the major stock indices have done a fabulous job of ignoring lately... This week we add more bricks to the top of the Wall-- Bank Earnings (See attached Earnings Calendar), which are expected to show another round of double-digit percentage earnings growth.
In Case You Missed It…SPX gained approximately 89 points this week on average volume. As noted last week, SPX has been compressing to the upside.The SPX Gamma Threshold level is in the 7720-7740 region. SPX is comfortably long gamma and thus low volatility and slow upside drift should be expected. Learn more about the GT level here: https://www.elliottwavetrader.net/gamma-optimizer/Understanding-the-GT-level-202012076573537.html.NDX made another new all time high on Tuesday of this week. The compression pattern to the upside is even more stark on NDX.
As you can see, this update is coming later than I usually write the afternoon updates. In fact, I have been waiting for some further market action which could direct us to the manner in which the market is going to resolve up here. But, alas, as we have been simply grinding up in the overnight session and back down in the daytime session, the market has not offered any further insight.So, I am going to offer my apologies as there is nothing further I am meaningfully able to add to the weekend analysis.
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