October 23 After Close
Good evening, everyone. Friday did not deliver a clear repair in the broad market. The Qs finished almost unchanged, but both benchmarks remain below their short-term averages. Earnings from MaxLinear, Newmont, Western Digital and Bloom Energy showed strong sales alongside very different cash-flow pictures. Let's compare the morning levels with the completed session.
SPY: broken short-term low
SPY closed near seven hundred sixty, down about half a percent. Friday's low near seven hundred fifty-nine broke Thursday's low near seven hundred sixty-one, exactly the downside test in the morning preview. SPY finished below its twenty-day average near seven hundred seventy and fifty-day near seven hundred sixty-eight, but above its two-hundred-day near seven hundred twenty-seven. A bounce by itself will not erase that break. Look first for a daily reclaim of Thursday's low, then a retest and close above, before treating the fifty-day as the next test. If Friday's low fails, we need fresh evidence for any lower level rather than an invented target.
QQQ: intraday break, nearly flat close
The Qs closed near seven hundred four, virtually unchanged from Thursday. Intraday they undercut Thursday's low near seven hundred two, touching about seven hundred one before recovering. The morning downside test happened, even though the closing change was small. The Qs remain below the twenty-day average near seven hundred thirty-five and fifty-day near seven hundred twenty-six, but above the two-hundred-day near six hundred seventy-seven. They are about seven percent below the October sixth closing peak. A daily reclaim and retest of the recent lows would be a first improvement; the fifty-day is a separate, higher hurdle.
MaxLinear: revenue growth versus operating cash
MaxLinear's September-quarter revenue reached roughly two hundred eighteen million, up about seventy-two percent from a year earlier, and reported operating margin turned positive. Management guided December-quarter revenue to two hundred forty to two hundred sixty million. But operating cash flow was negative by about fourteen million, while a forty-million credit-line draw was financing, not operating cash. Friday's shares closed around sixty-three and a half, down nearly three percent. Their intraday low of fifty-eight forty-four briefly undercut the two-hundred-day average near fifty-eight sixty-four, but the close was back above it. The fifty-day near seventy-eight and twenty-day near eighty-seven remain overhead. That recovery over the long average is useful to watch on the next daily retest, but it is not yet a confirmed turnaround.
Newmont: cash strength, weaker shares
Newmont reported around two point eight billion of operating cash flow and roughly one point nine billion of reconciled non-GAAP free cash flow. Gold production fell from a year earlier, while the realized gold price rose. Those are different drivers. The stock still fell about four and a half percent to around one hundred nine, closing below its two-hundred-day average near one hundred twelve. The morning setup flagged that average as the key test; it failed. Friday's low was one hundred eight, while the fifty-day near one hundred twenty-two remains higher. A daily reclaim of the two-hundred-day, followed by a retest and close above, would be needed before calling the chart repaired.
Western Digital: guidance and the unreclaimed low
Western Digital reported about four point four billion of fiscal first-quarter revenue and roughly one point four billion of company-defined free cash flow. Management's next-quarter revenue guidance of five to five point two billion and adjusted earnings guidance of five sixty to six a share are forecasts, not delivered results. The shares closed Friday around three hundred forty-four, beneath Thursday's low near three hundred forty-eight. The morning preview said that low needed a reclaim, and the reclaim did not hold. Friday's low near three hundred forty and the October sixteenth low near three hundred thirty-two are dated references, not targets. All three major moving averages remain overhead.
Bloom Energy: growth and cash use
Bloom Energy reported roughly one point two billion of quarterly revenue and raised full-year revenue guidance to four point four to four point six billion. Operating cash flow was negative by about twenty-seven million, and capital spending was around one hundred fifty-three million. Cash conversion remains the question beside growth. The available providers disagree on Bloom's Friday closing price, so I will not give a false precise close or moving-average claim. Its issuer-results chart shows the reported facts while the fresh daily-price chart stays on hold.
What Friday confirmed
Across the individually checked charts, Friday tested the morning downside levels. Strong earnings headlines alone did not repair the price action; a daily reclaim and retest are still the confirmations to watch.
You'll find the dated charts and research on YieldTerminal Pro, full market videos on our YouTube channel, and updates on Stock Insights sixty-nine. And remember, this is market research only, not a recommendation to buy or sell. Catch you in the morning.
Sources and data basis
Issuer results: MaxLinear; Newmont; Western Digital; Bloom Energy. Completed October 23 regular-session prices and averages were independently checked from Yahoo daily history and Nasdaq close observations. Bloom Energy completed close remained uncorroborated between providers; no Friday daily-price chart or exact close is asserted. Moving averages use completed regular-session candles only.
Related research
October 23 Morning Watch and October 23 Daily Levels carry the dated morning scenarios and chart archive. The weekly AI-versus-bonds review is a separate study with a different scope.