Midday Market

Midday Wave #129: Breadth Heals Quietly Under a Bearish Label – Tuesday 10/13/2026

Episode 1295:11

0:005:11

Episode summary

Despite a still-Bearish regime label, breakdown counts collapsed and intermediate-term breadth is improving, with energy refiners leading on price. But thin volume across the board keeps the bias cautiously constructive rather than aggressive, with VLO and SKHY as the key levels to track into the close.

Chapter by chapter

Bearish Label, Improving Internals

Regime stays Bearish 4% but 40SMA breadth rises while 20SMA stays flat, and 40SMA sentiment flips Bullish.

Breakdown Count Collapse

Bear 4% counts fall from 360 to 193 in a single session, signaling fading downside pressure.

Energy Leads, Volume Lags

VLO and PSX lead refiners with a rising RSPG ratio, but RVOL across most names is unusually light.

Laggards and Idiosyncratic News

DELL, ALAB, MU, and SNDX move on company-specific news rather than regime factors.

Fresh Movers With Real Volume

NWG, COSM, and MWYN break onto the list with genuine RVOL conviction behind their gains.

Institutional Watch: SKHY and SCTX

SKHY sits near its demand zone with 229 funds holding and a mapped supply target; SCTX remains ambiguous.

Cautiously Constructive Afternoon Plan

Bias shifts to Controlled Risk Taking — lean into energy and utilities but size down given thin volume.

Key Levels Into the Close

Track VLO momentum, RSPG trend, and SKHY's demand zone for confirmation into the bell.

Key points

  • Headline regime stays Bearish 4%, but breakdown counts collapsed from 360 to 193, a bigger signal than the breakout drop.
  • Breadth improvement is concentrated in intermediate-term internals (40SMA), not short-term (20SMA), with sentiment quietly flipping Bullish.
  • Energy, led by refiners VLO and PSX, is the only sector translating breadth improvement into price, confirmed by a rising RSPG ratio.
  • Light RVOL (0.2–0.5) across most movers means the bias is cautiously constructive, not aggressive — size down and don't chase.
  • Watch VLO momentum continuation and SKHY's demand zone ($147.26–$154.41) into the close for confirmation.

Ticker charts

VLO

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 VLO in WaveFinder.

Daily bars through Oct 13, 2026.

PSX

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 PSX in WaveFinder.

Daily bars through Oct 13, 2026.

RSPG

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 RSPG in WaveFinder.

Daily bars through Oct 13, 2026.

ZIP

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 ZIP in WaveFinder.

Daily bars through Oct 13, 2026.

DELL

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 DELL in WaveFinder.

Daily bars through Oct 13, 2026.

ALAB

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 ALAB in WaveFinder.

Daily bars through Oct 13, 2026.

MU

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 MU in WaveFinder.

Daily bars through Oct 13, 2026.

SNDX

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 SNDX in WaveFinder.

Daily bars through Oct 13, 2026.

NWG

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 NWG in WaveFinder.

Daily bars through Oct 13, 2026.

COSM

Chart unavailable

No daily price history for COSM through Oct 13, 2026.

MWYN

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 MWYN in WaveFinder.

Daily bars through Oct 13, 2026.

SKHY

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 SKHY in WaveFinder.

Daily bars through Oct 13, 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 Oct 13, 2026.

More from Midday Market