Midday Market

Midday Wave #106: Breadth Breaks Bearish: Energy Holds the Line – Thursday 9/10/2026

Episode 1065:11

0:005:11

Episode summary

Index prices are dark, but breadth data reveals a sharp bearish regime shift as 20SMA breadth collapses from 58% to 24%. Amid the risk-off tape, energy names PBR and USO plus a handful of confirmed leaders like APP, QCOM, and PAYP offer the only pockets of relative strength.

Chapter by chapter

Breadth Collapses to Bearish

20SMA and 40SMA breadth both crater into bearish territory with no index price data available.

Leaders, Energy Bid, and Divergence

APP, QCOM, and PAYP hold up while energy names PBR and USO catch a bid; WCC and WDC sit at supply as SNOW diverges at demand.

Defensive Bias With Exceptions

Analyst sets a defensive afternoon bias, flags key SNOW and WDC levels, and warns against catching falling knives in COO, AEO, and BCRX.

Key points

  • 20SMA breadth plunged 34 points (58% to 24%) in a single session, with 40SMA confirming the bearish shift
  • The 4% board shows bears more than doubling bulls (146 vs 68), reinforcing the risk-off regime
  • Energy is the standout exception — PBR and USO are catching bids on crude supply headlines
  • A narrow set of leaders (APP, QCOM, PAYP) are holding up, though APP's low RVOL warrants caution
  • SNOW diverges from WCC/WDC by sitting at demand rather than supply — key levels to watch are SNOW 332.15 and WDC's 462-470 zone

Ticker charts

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 Sep 10, 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 Sep 10, 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 Sep 10, 2026.

APP

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 APP in WaveFinder.

Daily bars through Sep 10, 2026.

QCOM

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 QCOM in WaveFinder.

Daily bars through Sep 10, 2026.

PAYP

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 PAYP in WaveFinder.

Daily bars through Sep 10, 2026.

PBR

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 PBR in WaveFinder.

Daily bars through Sep 10, 2026.

USO

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 USO in WaveFinder.

Daily bars through Sep 10, 2026.

COO

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 COO in WaveFinder.

Daily bars through Sep 10, 2026.

AEO

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 AEO in WaveFinder.

Daily bars through Sep 10, 2026.

BCRX

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 BCRX in WaveFinder.

Daily bars through Sep 10, 2026.

WCC

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 WCC in WaveFinder.

Daily bars through Sep 10, 2026.

WDC

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 WDC in WaveFinder.

Daily bars through Sep 10, 2026.

SNOW

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 SNOW in WaveFinder.

Daily bars through Sep 10, 2026.

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