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10.26.22 – WEDNESDAY MARKET OUTLOOK

Market Outlook Wednesday
 

The market erased all gains from today’s session as it faced serious headwinds from the tech earnings misses. Google and Microsoft missed, and everyone sold heavily (I was buying). META reported after-hours and has missed and lost 12% AH so far. In this case, I am not a buyer. Despite these issues, the market held well, and the VIX futures remained in contango. That may push the markets higher (I still think we might be going all the way to the 200-day moving average). Let’s see tomorrow how the market reacts to the base news from Meta. We could pull back to 3,790 before resuming the uptrend.

 
Market Outlook Wednesday
 

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