The Morning Dose

Morning Dose #369: SPY Trapped Between AI and the Fed – Wednesday 10/28/2026

Episode 369Oct 28, 20265:57

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0:005:57

Episode summary

Markets open higher on a third day of AI enthusiasm led by SK Hynix’s blowout, but the session hinges entirely on this afternoon’s FOMC tone and mega-cap earnings after the close. Oil back above $100 on Iran geopolitical risk keeps a lid on the advance, and with indices coiled around key moving averages, patience into...

Key points

The regime is cautious despite a bullish skew of 526 bulls versus 121 bears; 46.9% of stocks are above their 40-day moving average.
The Fed is priced at 90.6% to hold, so Powell's tone at the press conference matters more than the rate, especially with WTI crude at $101.72.
SPY at $769.66 is boxed between $767.57 and $770.76, while QQQ at $721.25 remains below its 50-day of $725.34.
The continuation scan shows 21 signals, including NUE and Amazon, and the reversal scan flags PYPL.
Do not chase a morning gap; use the scan signals as a shopping list after the FOMC and tonight's mega cap earnings.