Pre-Fed midday: S&P at Friday's low, no new index idea

Midday check at 11:00 UTC, two and a half hours before the US cash open. Futures point to a flat start: S&P 500 estimated at 7627 from the December future at 7663 (basis +0.47%), Nasdaq 100 at 28924 (-0.12% on the day), Dow at 52392 (+0.34%). VIX at 19.6, below the 25 ceiling. MA20 and ATR14 are computed on cash daily bars through Friday 23 October. Nothing passed. The S&P sits 1.39 ATR below its 20-day average (7727, ATR14 72 points), inside the band, but only 15 points above the 20-day low at 7612: a short here needs an invalidation above Friday's high (7678 with the noise margin), 0.71 ATR away, too wide for an intraday target, while a swing would run into Wednesday's Fed decision at 18:00 UTC. The Nasdaq 100 is 2.61 ATR below its average: late. The Dow is 1.26 ATR above its average but printed a reversal bar on Friday (opened at the high, closed 0.9% lower) and the nearest clean invalidation puts the stop at 0.88 ATR, again too wide for the day. The pending S&P short at 7690 (stop 7721.5, target 7627) was never filled and stays open until Tuesday 20:00 UTC. Single stocks are assessed at the evening review only. Q3 GDP follows Thursday at 12:30 UTC.