Morning review
Neutral
Rotation continues overnight: Dow futures up, Nasdaq futures down before CPI
At 06:37 UTC the split between industrials and tech that marked Monday has widened overnight. Dow futures are +0.31% from the cash close, S&P 500 futures -0.11%, Nasdaq 100 futures -0.72%, with chipmakers leading the decline. Applied to Monday's cash closes, that gives estimated levels of about 52,012 for US 30, 7,799 for US 500 and 30,443 for US Tech 100. VIX closed at 15.21. This slot does not open new ideas: US cash trading starts at 13:30 UTC and pre-market prices are too thin to anchor a level. The open long on US 30 (CS-2026-0017) stays open. Its stop at 51,599 and target at 52,400 were not touched, and the overnight futures high maps to about 52,040 on the cash index. It must close at today's cash close because the September CPI is due Wednesday at 12:30 UTC. Watchlist for later: US 500 sits 1.34 ATR above its 20-day average, close to the late-entry limit of 1.5. US Tech 100 is only 0.15 ATR away, which is noise. JPM reports before the open today, so no idea on it.
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