Midday Market

Midday Wave #118: Breadth Flips Bearish: Tech, Health Care Hold the Line – Monday 9/28/2026

Episode 1185:25

0:005:25

Episode summary

Overnight breadth collapsed from bullish to defensive, with the 20SMA reading halving and Bear 4% sentiment overtaking Bulls nearly two-to-one. Only Technology and Health Care show real conviction, led by a single standout runner in HBR, while the rest of the tape lacks volume. The team lays out a controlled-risk plan focused on two sectors and two key levels into the close.

Chapter by chapter

Breadth Flips Defensive Overnight

20SMA breadth halves from 40% to 20% and Bear 4% sentiment overtakes Bulls, signaling a regime shift.

Tech and Health Care Are the Lifeboats

Technology and Health Care remain the only sectors in leadership as Financials, Discretionary, and Industrials sink to the bottom percentiles.

HBR Runs Alone on Volume

HBR's 4.8 relative volume dwarfs a pack of low-conviction breakouts with near-zero RVOL across AIT, HEI, HUBB, DHR, and BIIB.

Stocks in Play Confirm the Weakness

MEDS, DKNG, GEN, and KKR all show negative bottom-up signals, while PANW's price-target raise fails to move its declining price.

Adjusting the Trading Plan

With breadth halved and Bears leading, the plan shifts to controlled risk-taking and smaller size, engaging only in the two green sectors.

Key Levels Into the Close

HBR at $17.40 and ASML at $1776.89 serve as the session's tell for whether the defensive read holds.

Key points

  • 20SMA breadth collapsed from 40% to 20% in a single session, and Bear 4% sentiment (126) now leads Bull 4% (63) nearly two-to-one.
  • Only Technology (98th percentile) and Health Care are showing real strength; Financials, Discretionary, and Industrials are deeply negative.
  • Most continuation trades lack volume conviction — HBR is the lone standout with 4.8 relative volume and a 35.9% gain.
  • Bottom-up stock signals (MEDS, DKNG, GEN, KKR, PANW) confirm the top-down defensive read.
  • Trading plan: reduce size, favor controlled risk-taking, and engage only high-RVOL names in Tech and Health Care, watching $17.40 on HBR and $1776.89 on ASML into the close.

Ticker charts

HBR

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 HBR in WaveFinder.

Daily bars through Sep 28, 2026.

ASML

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 ASML in WaveFinder.

Daily bars through Sep 28, 2026.

BURL

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 BURL in WaveFinder.

Daily bars through Sep 28, 2026.

AIT

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 AIT in WaveFinder.

Daily bars through Sep 28, 2026.

HEI

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 HEI in WaveFinder.

Daily bars through Sep 28, 2026.

HUBB

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 HUBB in WaveFinder.

Daily bars through Sep 28, 2026.

DHR

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 DHR in WaveFinder.

Daily bars through Sep 28, 2026.

BIIB

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 BIIB in WaveFinder.

Daily bars through Sep 28, 2026.

MEDS

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 MEDS in WaveFinder.

Daily bars through Sep 28, 2026.

DKNG

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 DKNG in WaveFinder.

Daily bars through Sep 28, 2026.

GEN

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 GEN in WaveFinder.

Daily bars through Sep 28, 2026.

KKR

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 KKR in WaveFinder.

Daily bars through Sep 28, 2026.

PANW

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 PANW in WaveFinder.

Daily bars through Sep 28, 2026.

METQ

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 METQ in WaveFinder.

Daily bars through Sep 28, 2026.

FISN

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 FISN in WaveFinder.

Daily bars through Sep 28, 2026.

APMD

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 APMD in WaveFinder.

Daily bars through Sep 28, 2026.

SCTX

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 SCTX in WaveFinder.

Daily bars through Sep 28, 2026.

BLSM

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 BLSM in WaveFinder.

Daily bars through Sep 28, 2026.

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