Market Analysis - Friday, Oct. 2

By Tony Cherniawski of The Practical Investor

President, CIO at The Practical Investor, LLC • Oct 2, 2026 at 9:20 AM EDT

SPX futures confirmed a buy signal by crossing the 52-day moving average, with bulls now eyeing overhead resistance near the 8009.98 cycle top.

SPX futures rose to 7710.50 thus far this morning, rising above both the 52-day Moving Average at 7646.53 and Intermediate support/resistance at 7679.56, confirming a buy signal. Overhead resistance lies at the Cycle Top at 8009.98. The rally may push through the Cycle Top toward the upper Diagonal trendline near 8100.00.

ZeroHedge reports, “US futures climbed and bond yields reversed an earlier rise, as a drop in oil prices provides a tailwind in calm trading following a week in which markets were lashed by sharp swings in yields, with the US payrolls report still to come.”

The premarket VIX declined to 15.56 thus far, falling beneath the52-day Moving Average at 15.95 and creating a sell signal. The Triangle trendline near 15.30 may be the next level of support, but may not hold. The trading channel support currently lies near 13.00. The decline may go beneath the Diagonal.

Disclaimer:

Nothing in this email or article should be construed as a personal recommendation to buy, hold or sell short any security. The Practical Investor, LLC (TPI) may provide a status report of certain indexes or their proxies using a proprietary model. At no time shall a reader be justified in inferring that personal investment advice is intended. Investing carries certain risks of losses and leveraged products and futures may be especially volatile. Information provided by TPI is expressed in good faith, but is not guaranteed. A perfect market service does not exist. Long-term success in the market demands recognition that error and uncertainty are a part of any effort to assess the probable outcome of any given investment. Please consult your financial advisor to explain all risks before making any investment decision. It is not possible to invest in any index.

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