Midday Market

Midday Wave #98: Breadth Cracks, Quality Holds: Navigating a Midday Flush – Friday 8/28/2026

Episode 983:47

0:003:47

Episode summary

Breadth internals collapsed dramatically intraday, with the 20SMA plunging from 46% to 12%, even as index ETF data went dark. Despite the flush, select quality names and institutional demand zones held firm, prompting a shift from a morning ‘chase’ posture to a control-first, defensive approach into the close.

Chapter by chapter

Breadth Collapse: 46% to 12%

The 20SMA and 40SMA breadth readings and Bull-Bear counts reveal a sharp intraday reversal from the morning open.

Quality Names Hold Amid the Flush

Insurance names, WDAY earnings, and other movers show which signals are cutting through the negative breadth.

Shifting to a Defensive Playbook

The strategy shifts to control-first trading, with key levels on NET and GS flagged as confirmation signals into the close.

Key points

  • 20SMA breadth collapsed from 46% to 12% intraday, signaling a sharp but likely short-term washout rather than a multi-day breakdown.
  • Insurance names (AJG, AON) and select quality stocks (DASH, CME, V) are holding gains on light volume, showing controlled buying amid the flush.
  • WDAY's blowout earnings and HPQ's analyst upgrade are cutting through negative breadth as clean, fundamentally-driven movers.
  • Institutional demand zones in GS, MCK, and ARGX suggest big money isn't retreating even as retail-style breadth caves.
  • Traders should shift to a control-first, defensive posture — favoring names already at demand and watching NET's supply zone and GS's demand shelf into the close.

Ticker charts

AJG

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AJG in WaveFinder.

Daily bars through Aug 28, 2026.

AON

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AON in WaveFinder.

Daily bars through Aug 28, 2026.

DASH

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open DASH in WaveFinder.

Daily bars through Aug 28, 2026.

CME

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open CME in WaveFinder.

Daily bars through Aug 28, 2026.

V

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open V in WaveFinder.

Daily bars through Aug 28, 2026.

WDAY

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open WDAY in WaveFinder.

Daily bars through Aug 28, 2026.

HPQ

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open HPQ in WaveFinder.

Daily bars through Aug 28, 2026.

NABL

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open NABL in WaveFinder.

Daily bars through Aug 28, 2026.

RIVN

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open RIVN in WaveFinder.

Daily bars through Aug 28, 2026.

FINV

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open FINV in WaveFinder.

Daily bars through Aug 28, 2026.

GS

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open GS in WaveFinder.

Daily bars through Aug 28, 2026.

MCK

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open MCK in WaveFinder.

Daily bars through Aug 28, 2026.

ARGX

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open ARGX in WaveFinder.

Daily bars through Aug 28, 2026.

NET

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open NET in WaveFinder.

Daily bars through Aug 28, 2026.

SPY

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open SPY in WaveFinder.

Daily bars through Aug 28, 2026.

QQQ

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open QQQ in WaveFinder.

Daily bars through Aug 28, 2026.

IWM

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open IWM in WaveFinder.

Daily bars through Aug 28, 2026.

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