This is the daily notebook of Mike Santoli, CNBC’s senior market commentator, with ideas for trends, stocks, and market statistics. -Oversold bounced off big tech disappointments and the average stock’s continued resilience on positive seasonal momentum, the still-expanding US economy and falling bond yields brought The S&P 500 hit a weekly high just above its 50-day moving average. -S&P managed to break out of the downtrend from mid-August tops and have rebuilt a bit of cushion. This rally shows that recent lows have much to do with the UK’s messy action, fears of a major financial “crash” and disorderly spike in bond yields. Fears of the moment. -Big Tech’s big companies are on the upswing, thriving in a struggling economy, and are proving special once again, their stocks penalized for their lack of growth and lack of cost discipline in a market that is holding up better in terms of nominal growth and some slight dips in yield bonds. Trading all year is about owning the average stock over the big boys, prioritizing value over growth and real assets over virtual ones. This continues, although a lot of mean reversals have occurred. -Is it too late to start hating Mega Tech? It’s clear that this week’s results are completely different from AAPL, the charts are a mess, the purge needs to take place and this group won’t lead the next big uptrend. But valuations and crowd sentiment have come a long way. One thing to ask is that the bears are throwing in the towel. There are still too many buys on AMZN (90%), META (60%) and GOOGL (92%). -AMZN is down sharply but somehow not down against META and GOOGL this week. Prior to the report, AMZN had been trading perfectly in line with the S&P 500 for the previous three years. Now testing to see if the pre-pandemic peak acts as a short-term floor. -For the broader market, the bull case, broadly speaking, reads like this: The S&P 500 index took time to retest and slightly drop to the June lows but failed. gain bearish momentum; sentiments and positioning are deeply washed away; the classic October bottom has held and consistent seasonal trends prevail from here and for months after the midterm elections; pricing has reset to “neutral”; The Fed may soon have a final destination for interest rates; stable income, more than 70% of companies are defeated, small annual energy loss; GDP has yet to achieve a real impact. -Bears will counter that ice proves nothing, only 10% bounces, upper resistance 3900 to 4200, housing has collapsed, macro data is late, 3-month Treasury curve/ 10 years inversion as a reliable recession signal, Fed is ready to downplay any serious risk recovery and earnings need to fall for the net year, PCE inflation is ok and decelerating today but not coming acceptable level. . -The WSJ today gets heavy with the story of credit card debt returning to pre-pandemic levels. It’s hard to overstate on this, it’s still far below the long-term trend in a much larger economy, and consumers continue to have more than $1 trillion in “excess savings.” from pandemic fiscal support. – Market breadth today is mixed, 50-50, AAPL is really pushing the indices up quite a bit on their own. Credit has grown quite well. The VIX has succumbed to stronger indexes and the “Friday effect,” although it is likely to be rebuilt by the Fed next week.