Midday Market

Midday Wave #113: Breadth Diverges: Tech Surges, Confirmation Waits – Monday 9/21/2026

Episode 1134:59

0:004:59

Episode summary

With SPY and QQQ dark, this Midday Wave episode digs into breadth data showing a sharp 20-day thrust against a frozen 40-day trend. Tech rotation into software and cybersecurity leads the tape, but thin volume across leaders like ZS keeps the move unconfirmed — except for MSTR, which shows real conviction.

Chapter by chapter

Breadth Split: 20-Day Surge vs 40-Day Freeze

The 20-day breadth jumps 20 points in a session while the 40-day trend stays nearly flat, and sentiment readings split bullish short-term but neutral longer-term.

Tech Rotation Overtakes Energy

Technology flips bullish with RSPT at a 92nd percentile reading as Energy unwinds its late-August run, marking a clean sector rotation.

Software Leaders Rally on Thin Volume

ZS leads a 57-name cybersecurity and software continuation move, but RVOL readings between 0.2 and 0.7 signal weak conviction behind the price action.

Movers: MSTR's Real Volume vs Fading Bulls

MSTR stands out with RVOL of 2.0 on a near-13% move, while bullish-tagged OKTA and USAR fade, and OPTX shows genuine volume on a contract catalyst.

ABC Discipline: Levels to Watch

The plan stays constructive but unconfirmed — stay in ABC, require CRT volume expansion before adding size, and watch ZS and MSTR levels into the close.

Key points

  • 20-day breadth surged 20 points in one session while 40-day breadth stayed frozen at 23.74% — a short-term thrust without intermediate confirmation.
  • Technology is rotating in as Energy fades, led by software and cybersecurity names, but RVOL between 0.2-0.7 across the group signals thin participation.
  • MSTR is the cleanest momentum trade today with RVOL of 2.0 backing a near-13% move, unlike fading bullish-tagged names OKTA and USAR.
  • Stay in ABC (Always Be in Control) and require CRT volume expansion before adding size — the bias is constructive but unconfirmed.
  • Watch ZS at 204.83 and MSTR at 153.92 into the close as the key confirmation levels for the day's thesis.

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 21, 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 21, 2026.

ZS

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 ZS in WaveFinder.

Daily bars through Sep 21, 2026.

RSPT

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 RSPT in WaveFinder.

Daily bars through Sep 21, 2026.

FTNT

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 FTNT in WaveFinder.

Daily bars through Sep 21, 2026.

QLYS

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 QLYS in WaveFinder.

Daily bars through Sep 21, 2026.

HACK

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 HACK in WaveFinder.

Daily bars through Sep 21, 2026.

MSTR

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 MSTR in WaveFinder.

Daily bars through Sep 21, 2026.

OKTA

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 OKTA in WaveFinder.

Daily bars through Sep 21, 2026.

USAR

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 USAR in WaveFinder.

Daily bars through Sep 21, 2026.

OPTX

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 OPTX in WaveFinder.

Daily bars through Sep 21, 2026.

ZCSH

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 ZCSH in WaveFinder.

Daily bars through Sep 21, 2026.

PUR

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 PUR in WaveFinder.

Daily bars through Sep 21, 2026.

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