Midday Market

Midday Wave #141: Bullish Thrusts Collapse Behind SPY Facade – Wednesday 10/28/2026

Episode 1415:37

0:005:37

Episode summary

Midday sees large-cap indexes grinding near flat with SPY holding its 20-day line while QQQ lags below key moving averages. Breadth is mixed — the 40SMA line improved to 49.49%, but fresh 4% thrusts collapsed and MEDICAL names like GMAB and ICLR carried the momentum. Bias stays cautiously neutral: respect SPY’s SMA50 support and stay...

Key points

  • Regime is mildly bullish but cooling; the sentiment indicator downshifted from very bullish to bullish.
  • Bull 4% thrusts fell to 197 from 526 while bear thrusts eased to 107 from 121, signaling thinner participation.
  • SPY's SMA-20 at 770.84 is the immediate pivot; a slip below the SMA-50 at 767.60 would make the afternoon defensive.
  • QQQ must reclaim its SMA-50 at 725.36 or it risks dragging the market down.
  • Favor selectivity and tight risk on confirmed high-volume movers like GMAB rather than chasing breakouts.

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 Oct 28, 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 Oct 28, 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 Oct 28, 2026.

GMAB

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 GMAB in WaveFinder.

Daily bars through Oct 28, 2026.

ICLR

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 ICLR in WaveFinder.

Daily bars through Oct 28, 2026.

CRL

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 CRL in WaveFinder.

Daily bars through Oct 28, 2026.

IBM

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 IBM in WaveFinder.

Daily bars through Oct 28, 2026.

LLY

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 LLY in WaveFinder.

Daily bars through Oct 28, 2026.

ULBI

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 ULBI in WaveFinder.

Daily bars through Oct 28, 2026.

ACN

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 ACN in WaveFinder.

Daily bars through Oct 28, 2026.

ODFL

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 ODFL in WaveFinder.

Daily bars through Oct 28, 2026.

TER

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 TER in WaveFinder.

Daily bars through Oct 28, 2026.

CHRW

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 CHRW in WaveFinder.

Daily bars through Oct 28, 2026.

TSLA

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 TSLA in WaveFinder.

Daily bars through Oct 28, 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 Oct 28, 2026.

AMD

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 AMD in WaveFinder.

Daily bars through Oct 28, 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 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 Oct 28, 2026.

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