Morning review
Risk-off
Nasdaq futures down 1% overnight, open short held, PPI ahead
At 06:27 UTC the Nasdaq 100 future traded at 29872.5, down 1.00% from the cash-close anchor (30175.75 at 20:00 UTC). Applied to the cash close of 29950.8, that puts US Tech 100 at about 29650, 2.38 ATR14 (367 points) below its 20-day average of 30523. The open short CS-2026-0018 (entry 30030, stop 30289) stays open: after publication the cash high was 30087.8, well below the stop, and tp1 at 29512 is about 0.38 ATR away. US 500 is estimated at 7693 (future 7742.25, -0.34%), 0.63 ATR below its average; US 30 at 51717 (+0.19%), only 0.45 ATR above it, which is noise. As usual, no new idea at this hour: cash opens at 13:30 UTC and pre-market prices are too thin to anchor a level. I found no verified overnight catalyst for the tech weakness, and I am not going to guess one. Watch 12:30 UTC: September PPI and retail sales (dates taken from third-party calendars). VIX closed at 16.87, up from 15.27. This evening: index levels near 29512 and equities outside their earnings windows.
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