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Good Tuesday Morning, MPTraders! October 27, 2026-- Pre-market Update:-- There are 4 trading days remaining in October-- META stock and convertible bond deal upsized (because of strong demand), with the stock offering priced at 625.00 (currently trading above issue at 629-630)...-- Earnings Today:(EarningsWhispers)META upsized its stock and bond offering to $37.5 billion from $35 billion, and priced the stock offering at $625. In the aftermath of the deal price announcement, META traded as low as 618.38 (for an instant), but quickly recovered above the stock issue price of 625.00. As we speak, META is circling 626.
Today, we saw the market grind higher into the FOMC announcement and press conference, only to hit its head on both the 100% extension of the initial move up off of the 7646 low and the 88.6% retracement of the move down off of the 7812 high. That high was made on what counts best as three waves, as well as negative divergence on the 30-minute MACD, with the 60-minute MACD trying to roll over.
We had a very interesting end to the day yesterday. While the SPX did not see an invalidation of its wave 2 in yellow, it certainly went deeper than the standards we normally see for a 2nd wave. And, this often portends a break of the set up. Yet, the SPX has still retained the set up.However, the ES – just after the market closed yesterday – spiked up and then spiked right back down. And, yes, the ES saw its immediate bearish set up invalidated through this action.
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