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Bill Baruch's Morning Express: 10/26/26

Barchart·10/26/2026 09:40:12
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E-mini S&P, last week’s close: Settled at 7659.75, down 44.75 on Friday and 44.50 on the week

E-mini NQ, last week’s close: Settled at 29,117.75, down 24.25 on Friday and 273.75 on the week

After technology was bludgeoned on Thursday, the story flipped; staples, discretionary, communication services, financials, industrials, and healthcare led to the downside, and all lost at least 1% on Friday, while technology finished positive. E-mini S&P and E-mini NQ futures chopped around overnight, and are attempting to show some stability against Friday’s low and settlement. This must continue through today’s opening hour.

Amid last week’s volatility, high-yield debt melted down, in part anchored by the neocloud story. U.S. Treasuries responded to this fear; the 10-year yield dipped back below 5% for the first time in nearly a month, while the long end had its best two-week stretch this year. This has sunk the odds for a Federal Reserve rate hike at its policy decision on Wednesday to only 9.4%. At the same time, the final days of October and the start of November mark one of the strongest five-day stretches of the year, while November stands out as one of the strongest months, finishing positive in 9 of the last 10 years.

E-mini S&P and E-mini NQ futures both failed at Friday’s session highs before retesting the session lows. After some ping-ponging, we must see support aligning with Friday’s settlements hold, and we view continued price action above our Pivot and point of balance as supportive. At the end of the day, we must see a range extension higher, and this begins with a break above… Click here to get the FULL Morning Express each morning!

Bias:

E-mini S&P (December)

Resistance:

Pivot:

Support:

E-mini NQ (December)

Resistance:

Pivot:

Support:

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