Midday Market

Midday Wave #144: Sharp Rotation Beneath Green Stock Indices – Tuesday 11/3/2026

Episode 144Nov 3, 20264:37

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0:004:37

Episode summary

A midday market update for Tuesday, November 3, 2026 breaks down a mixed, cautious regime where improving 40-day breadth contrasts with a sharp drop in 20-day breadth. Hosts cover key index levels, standout continuation names, earnings reactions, and a notable volume anomaly in AFRM, plus specific SPY/QQQ levels to watch into the close.

Key points

40-day breadth firmed to 59.97% while 20-day breadth cratered to 54%, signaling a short-term rotation beneath a stabilizing tape.
SPY ($755.53, +0.46%) and QQQ ($687.19, +0.90%) are green but trapped below key moving averages; QQQ's RSI of 35.7% shows it's bouncing from oversold.
IWM ($280.83, +0.61%) is today's relative strength leader, and breadth flipped positive with 198 names up 4%+ vs 129 down 4%+.
JZZ and FWRG are the cleanest continuation breakout holders; AFRM stands out with a massive 19.76x relative volume anomaly worth watching into the close.
Strategy is cautiously constructive 'buy the dip' with tight risk, leaning on healthcare and consumer staples; SPY must hold $750.36 and reclaim $767-768 to confirm a real turn, while QQQ must hold $680.33.