First Look: 2022-10-26
S&P 500 futures were under pressure following the Alphabet earnings after the close yesterday and stayed near the low of the range defined by the evening low till this morning. The Bank of Canada came out with a surprise rate hike of only 50 basis points at 10am which goosed futures to nearly close the gap to the day session close yesterday as I type. I suspect that may be the morning high and futures again drift back into the range for an hour or two. Main hypothesis today is for a bit of consolidation before attempting to press up to 3882.50 and later 3914.75. Possible that the small correction is complete, and they just slowly grind up the rest of the day. Net, like higher but pick your entries carefully if not already long on the positive news.