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Long-term breadth improves while short-term breadth and sentiment collapse, led by a sharp selloff in QQQ and Technology. Insurance, Staples, and Health Care hold gains as institutional flows rotate into defensive names, with QQQ’s $706.63 floor and SPY’s $768.20 SMA50 the key afternoon levels to watch. Built from WaveFinder scanner data at app.waverider.ai.
Chapter by chapter
Breadth Diverges Across Timeframes
40SMA breadth firms while 20SMA breadth collapses, setting up a split regime.
Sentiment Cracks, Tech Leads Decline
Sentiment flips Very Bearish short-term; QQQ underperforms SPY and IWM as sector rotation favors Staples and Health Care over Technology.
Defensive Names and Institutional Flows
Software and Insurance names hold gains with mixed volume confirmation; institutional buybacks and volume signals point to selective, defensive positioning.
Key Levels for the Close
Defensive bias into the afternoon with QQQ's $706.63 floor and SPY's $768.20 SMA50 as pivotal levels, ADBE as a bellwether for software strength.
Key points
40SMA breadth rose 8.5 points while 20SMA breadth fell 18 points, signaling a healthy long-term backdrop but a sharp short-term stall.
Sentiment flipped to Very Bearish short-term as Bear 4% more than doubled overnight, even as 40SMA sentiment stayed Bullish.
QQQ fell 2.17% below its SMA20 and SMA50 with RSI at 38.4, materially underperforming SPY and flat IWM.
Insurance (AJG, AON, ALL) and select institutional buying (UTHR, TMO, SPGI, MSCI) show real rotation into defensive sectors.
Watch QQQ's $706.63 floor and SPY's $768.20 SMA50 as the key levels defining afternoon bias.
See QQQ in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See SPY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See IWM in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ADBE in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ACN in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ADSK in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See AJG in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See AON in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ALL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See UTHR in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See TMO in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See SPGI in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See MSCI in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See MOH in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See SCCO in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See AA in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See NDAQ in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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