October 23 Morning Watch
Later recorded October 23 premarket update: Nasdaq observed SPY at $760.58, corroborated by Yahoo near $760.51. That was below the completed October 22 intraday low of $761.17. The video and SPY chart reflect an earlier recorded observation near $762.56; the conditional break described in the recording has since occurred in premarket. SPY now needs to reclaim $761.17, then make a daily retest and close above it for a stronger setup. The later observation is not a completed regular-session candle.
Good morning, everyone. Thursday's market decline put the next daily levels under pressure before Friday's open. Our earnings board had four companies reporting after the close: Bloom Energy, MaxLinear, Newmont, and Western Digital. Their results show why an earnings headline, cash generation, and the share-price reaction have to be read separately. We'll start with the broad market, then follow those reports into the charts.
SPY: the short-term low and moving-average reclaim
SPY chart context: The hollow point on this chart is the earlier October 23 premarket observation near $762.56. A later recorded check put SPY near $760.58, below Thursday’s $761.17 low. That low is now a reclaim level, followed by a daily retest and close above; the later point is not plotted on this earlier chart.
SPY: Completed October 22 daily candles and averages with a separate recorded October 23 premarket point.
SPY finished Thursday around seven hundred sixty-four, below its twenty-day average near seven hundred seventy-one and its fifty-day near seven hundred sixty-eight. In our recorded premarket observation, it was around seven hundred sixty-three, slightly below Thursday's completed close. Thursday's low near seven hundred sixty-one and the October sixteenth low just beneath it make this a clear short-term test. If price breaks that area, we have new weakness to assess. If it recovers, the fifty-day near seven hundred sixty-eight is the first moving average it needs to reclaim. A stronger case would require a daily retest and close above, with the twenty-day higher up. This is a level framework, not a forecast.
QQQ: the decline and rebound are separate
QQQ: Completed October 22 daily candles and averages with a separate recorded October 23 premarket point.
QQQ: October 6 to 16 closing decline, separate rebound to October 21 and lower October 22 close; no premarket values.
The Qs closed Thursday around seven hundred four, beneath both the twenty-day near seven hundred thirty-seven and the fifty-day near seven hundred twenty-six. Our recorded premarket observation was around seven hundred five, little changed from Thursday's close. Thursday's intraday low near seven hundred two is the immediate dated reference. The Qs lost about six and a half percent from the October sixth closing peak to the October sixteenth close. They then rebounded about two percent through Wednesday, but Thursday's lower close erased that attempt and made a new closing low. Keep that older decline and the later rebound separate. Being above the two-hundred-day average near six hundred seventy-seven does not mean the short-term break has been repaired. First watch whether Thursday's low holds, then whether the fifty-day can be reclaimed with a daily retest and close above.
MaxLinear: growth versus cash conversion
MXL: September 2026-quarter reported revenue, GAAP operating margin and earnings.
MXL: September 2026-quarter cash use and future revenue guidance; the credit draw is financing.
MaxLinear is the first earnings contrast. September-quarter revenue reached about two hundred eighteen million, up roughly seventy-two percent from a year earlier, and its reported operating margin turned positive at nearly fourteen percent. Management forecast December-quarter revenue of two hundred forty to two hundred sixty million. But operating cash flow was negative by about fourteen million, versus positive ten million a year earlier. Purchases of equipment added another roughly six million of cash use. A forty-million credit-line draw was financing, not operating cash. Sales growth is strong; cash conversion has not caught up.
MXL: Completed daily candles through October 22; no verified October 23 premarket quote is shown.
MaxLinear's latest completed daily close was near sixty-five, below the fifty-day average near seventy-eight and above its two-hundred-day near fifty-eight. Thursday's high near seventy-two is a dated upside test; Thursday's low near sixty-three is the downside reference. A corroborated premarket trade was not available for this recording, so I won't treat an early move as a completed breakout. I would look for a daily reclaim and retest of the nearer high before treating the move as a sustained change.
Newmont: cash strength and dated price levels
NEM: September 2026-quarter gold production, realized price and reported earnings.
NEM: September 2026-quarter operating cash, mine additions and issuer-reconciled non-GAAP free cash flow.
Newmont's quarter tells a different cash story. It produced about one point three million ounces of gold, down from roughly one point four two million a year earlier, while its realized gold price rose to about forty-three hundred an ounce from about thirty-five hundred. The company reported roughly two point eight billion in operating cash flow and about nine hundred million in mine and equipment additions. Its reconciled non-GAAP free cash flow was about one point nine billion. The higher gold price helped the quarter even though production volume fell; those are different drivers.
NEM: Completed daily candles through October 22 with the October 14 low; no verified October 23 premarket quote is shown.
Newmont's latest completed close was around one hundred fourteen, above its two-hundred-day average near one hundred twelve. Thursday's low near one hundred eleven is the nearby level; the October fourteenth low near one hundred ten is a separate dated reference. The fifty-day near one hundred twenty-two remains overhead. This Newmont chart uses Thursday's completed daily candle; I won't mix a premarket quote into it. If the two-hundred-day slips away, it needs a reclaim and then a daily retest and close above for a stronger setup. A large cash figure alone does not settle the chart.
Western Digital: guidance and a broken low
WDC: Fiscal 2027 first-quarter revenue and earnings; next-quarter figures are guidance.
WDC: Fiscal 2027 first-quarter cash measures and next-quarter revenue and adjusted EPS guidance.
WDC: Completed daily candles through October 22 and separate October 23 premarket point below the October 22 low.
Western Digital reported fiscal first-quarter revenue around four point four billion, up fifty-five percent from a year ago, and company free cash flow around one point four billion. Its next-quarter outlook calls for five to five point two billion in revenue and adjusted earnings of five sixty to six a share. That is management's forecast, not revenue or earnings already delivered. The shares finished Thursday near three hundred fifty-four. In our recorded premarket observation they were around three hundred forty-two, below Thursday's low near three hundred forty-eight. That low now needs a daily reclaim and retest with a close above. The twenty-day average near four hundred one and fifty-day near four hundred thirty-six show how much of the earlier decline remains to repair.
Bloom Energy: growth and the cash test
BE: September 2026-quarter revenue, operating margin and earnings.
BE: September 2026-quarter operating cash use, capital spending and future revenue guidance.
BE: Completed daily candles through October 22 and later recorded October 23 premarket point below the October 22 low.
Bloom Energy also reported strong sales, roughly one point two billion for the quarter, and raised full-year revenue guidance to four point four to four point six billion. Its reported operating margin was positive, but operating cash flow was negative by about twenty-seven million and capital spending was roughly one hundred fifty-three million. Those cash uses deserve attention beside the growth. Bloom closed Thursday near two hundred eighteen, just below its two-hundred-day average near two hundred nineteen. A later recorded premarket observation put Bloom around two hundred nine, below Thursday's low. That low now needs a daily reclaim and retest with a close above; the two-hundred-day near two hundred nineteen remains higher up. The early quote alone does not provide that confirmation.
Friday calendar context
The University of Michigan's final October sentiment reading is on today's official calendar. This recorded premarket snapshot is not a report on that release. The practical question for Friday is whether the benchmarks can reclaim their near-term levels while the earnings names show whether price follows the actual cash story, rather than just the headline.
You'll find the charts and dated 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. Have a good morning.
Sources and data basis
Issuer releases: MXL issuer quarterly release; NEM issuer quarterly release; WDC issuer quarterly release; BE issuer quarterly release. Completed October 22 regular-session prices were checked against Yahoo Finance and Nasdaq. October 23 premarket points remain separate from daily candles; MaxLinear and Newmont charts retain the completed October 22 price basis from the recording; a later MaxLinear check is not plotted here.
Related YieldTerminal research
October 23 Daily Levels collects these dated ticker charts. Movers carries the session archive and latest published market video.