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Hello, my friend!
This past week has been defined by one key theme: a push toward All-Time Highs.
We’ve now seen that reflected clearly across both the SPDR S&P 500 ETF Trust and Invesco QQQ Trust - two benchmarks that continue to guide overall market sentiment.
Each seems to tell a slightly different story.
SPY vs QQQ
SPY - QQQ
The S&P 500 represents a more stable, broad-based view of the economy. In contrast, the Nasdaq leans heavily into technology and high-growth names, making it more reactive and momentum-driven.
From a macro perspective, there’s still a divide in interpretation.
Some analysts believe this move is being supported by longer-term optimism, particularly around the potential for geopolitical stability and progress in global relations. Others argue this is simply a short squeeze-driven rally, lacking true long-term conviction.
Both perspectives can be correct. But as intraday traders, this is where it’s important to separate macro narratives from execution.
Because at the end of the day -
we’re not trading long-term outcomes…
We’re trading short-term reactions. And in environments like this, where direction can be driven by headlines rather than structure, the real edge comes from maintaining a clear, disciplined mindset.
👉 So instead of getting caught in the bigger picture debate, let’s shift focus to what actually matters for today’s session.
Today’s Intraday Impulse
A key headline drove sentiment during today’s session:
“Gulf & European officials: US may need 6 months for an Iran deal”
This isn’t a resolution, but instead extended uncertainty.
We saw immediate downside pressure as markets - however the temporary dip was met with buyside pressure until close.
This is exactly where many prop traders get caught off guard.
When the narrative changes from “a deal is near” to “this may take months,”
the market transitions from optimism → hesitation.
And hesitation leads to choppy, reactive price action - the kind that punishes overconfidence and rewards patience.
⚠️ This is typically where overtrading begins. Traders start forcing opportunities in a market that is no longer offering clean follow-through.
In conditions like this, the edge isn’t in predicting outcomes - it’s in adapting your behavior.
Drill this into todays mindset:
Lowering expectations on continuation moves
Respecting headline risk
Focusing only on high-quality impulses
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The 10 Best Cheap Stocks to Buy Now
The market is expensive… historically expensive.
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By early 2026, institutional money had stayed concentrated. Smaller companies had been overlooked. And beaten-down names had been left behind.
But here's the real question…
When the broader market is this expensive — which stocks are still cheap enough to offer real upside?
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At the end of the day, you’re not trading the outcome of a geopolitical deal.
You’re trading the market’s reaction to uncertainty.
And in uncertain environments, discipline is what protects your account.
Stay patient. Stay selective.
Until next time,
Steve B
Founder, The Daily Impulse
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This newsletter is for educational purposes only and does not offer financial or investment advice. It should not be taken as a recommendation to trade assets or make any financial decisions. I am not a registered investment advisor, broker, or licensed financial professional. Please be cautious and ensure you conduct thorough research or consult with a financial professional before making any investment choices. Trading and investing involve significant risks, including the potential for substantial financial loss.
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