Nasdaq on its trendline as megacap earnings and macro data collide
As seen on the 24/7 Wall St. homepage on October 31, 2026.
Last week's tech flush was the bait, according to this read, with the Nasdaq sitting on its trendline into a week stacked with job openings, unemployment data and four megacap tech earnings reports.
It's going to be a busy week of economic events. Job openings, crude oil stock and unemployment. It's also a big earnings week with $AAPL, $PLTR, $AMD, $QCOM, etc. Spooking people out of tech last week could have been the perfect trap for a reversal. https://t.co/bwOnF7JLqH https://t.co/0uepqdS471 [Quoted @FinanceLancelot]: The Nasdaq is approaching the trendline this week. According to the October 2018 pattern on the S&P 500, we begin a rally on November 4th, the day after the midterms. The 2020 and 2018 patterns look strange because this chart is in log and I captured the candlesticks in https://t.co/BYTu0dYr2a https://t.co/2bUG8LaBtV
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The Nasdaq entering this week sitting right on its trendline is the setup Financelot (@financelancelot) thinks matters most. The argument is that last week's tech selloff was a trap, shaking out retail holders right before a reversal.
The historical parallel being drawn is October 2018 on the S&P 500, where the pattern pointed to a rally beginning November 4th, the day after the midterms. The 2018 and 2020 comparisons are being tracked on a log-scale chart, which the author flags explicitly as context for why the candlestick shapes look unusual.
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On the macro side, the same week brings job openings, crude oil inventory data, and unemployment figures, any one of which moves rate-sensitive tech stocks before earnings even arrive. That combination of economic releases landing alongside major earnings reports makes the calendar unusually compressed.
Apple, Palantir, AMD, and Qualcomm are all reporting this week, giving the market multiple chances to either confirm or undercut the reversal thesis. If the trendline holds and the earnings reports hold up, the trap narrative gains traction, and if either leg gives way, the bounce case falls apart quickly.