October 20 Morning Watch
Daily candles and moving averages end with October 19. The five main premarket prices are dated observations for this episode, separate from completed daily candles and not a continuously updated feed. The 3M price discussion uses Monday's completed close because a new premarket quote could not be corroborated. September housing starts and building permits are on today's economic calendar; this edition makes no claim about their reported results.
SPY: Monday's low is a needed reclaim
Monday closed at $766.48, up about 0.42%. The separate premarket observation was $764.78, below Monday's $765.82 intraday low. That low needs to be recovered. The 50-day average at $768.37 and 20-day at $770.83 form a further recovery area.
For a daily retest setup, the level must be recovered, tested on a daily basis and closed above. A brief crossing is not the same confirmation. If recovery fails, Friday's $763.25 close and $760.64 intraday low remain dated references, not guaranteed destinations.
QQQ: a rebound did not erase the decline
The October 6 closing peak to October 16 closing low decline was about 6.56%. Monday's separate rebound was about 1.21%. Showing these separately prevents the smaller recovery from hiding the full preceding decline.
Monday closed at $718.36. The premarket observation was $713.75, below Monday's $716.57 intraday low. Recovering that low would be an initial improvement. Monday's $724.55 high, Friday's $725.96 high and the $726.68 50-day average would still leave further repair overhead.
Friday's $709.80 close and $707.23 intraday low remain dated downside references if the broken area cannot be recovered. A daily recovery and hold above the high cluster would provide more evidence than a premarket uptick.
Netflix: earnings ahead of a longer repair
Netflix reports after the October 20 regular session. Its premarket observation was $70.13, near the $70.14 20-day average. Monday closed at $69.85. The 50-day at $75.01 and 200-day at $82.76 remain overhead.
The closing-price decline from June 30, 2025 to October 2, 2026 was about 49.92%; the separate recovery from that low to Monday's close was about 4.16%. A daily recovery around $70.00 would be an initial improvement, not a repair of the entire decline or protection against an earnings gap.
Tesla: between the 50-day and 20-day
Monday closed at $368.06. The separate premarket observation was $367.74, slightly lower. It remained above the $360.25 50-day but below the $369.97 20-day. The 200-day was $387.58.
Building above the 50-day and recovering the area around $370.00 would strengthen the repair. Losing the 50-day would weaken it. Earnings remain ahead on October 21; the chart is not an earnings verdict.
GE Aerospace: stronger earnings, weaker quarterly cash
The premarket observation was $300.11, below Monday's $310.64 intraday low and the $312.49 20-day average. Those are needed reclaims. The $323.85 200-day and $329.26 50-day remain overhead. A premarket move is not a confirmed daily breakdown, and price alone does not establish which part of the report investors are responding to.
Q3 adjusted EPS was $2.25 versus $1.66 a year earlier; GAAP continuing-operations EPS of $2.32 is a separate measure. Adjusted revenue rose 18%. Full-year adjusted EPS guidance increased to $8.00-$8.10 and remains an outlook.
Continuing-operations CFOA and company-defined non-GAAP free cash flow each fell approximately 14% in the quarter. Free cash flow was approximately $2.04 billion; its definition includes adjustments and property-disposition proceeds. Stronger earnings and weaker quarterly cash can both be true.
3M: keep the reporting basis and cash bridge visible
Q3 GAAP EPS was $2.63. Adjusted EPS of $2.50 compares with $2.23 on the consistently restated amortization basis. Adjusted organic sales grew 3.3%.
The new full-year adjusted EPS range of $9.10-$9.15 includes the Madison acquisition and a change in intangible-amortization treatment, alongside operating performance. The whole numerical increase should not be labeled an operating improvement. Company adjusted free cash flow adds back substantial cash items, including litigation payments; it is not unadjusted operating cash flow minus capital spending.
Monday's completed close was $162.01, above the $160.72 200-day but below the $164.82 20-day and $169.87 50-day. Monday's $164.85 intraday high is also in the recovery area around $165.00. Holding above the longer average would help; a premarket move alone is not daily confirmation. No new current 3M premarket quote is asserted in this price chart.
The market test
Can the broken Monday levels be recovered and confirmed on a daily basis? Keep reported results, guidance, cash definitions and chart confirmation separate.
Find the dated charts in Daily Levels, the earnings review and the video archive.
Sources: GE Aerospace Q3 release and 3M Q3 release. Price sources and historical calculation dates are identified on the charts and in the private source records.
And remember, this is market research only, not a recommendation to buy or sell.