Midday Market

Midday Wave #145: Tech Plunges As Market Flips Extreme Bearish – Thursday 11/5/2026

Episode 1454:04

0:004:04

Episode summary

A mid-session market check on Thursday, November 5th, 2026, where the market regime flipped from very bullish to extreme bearish in one morning. Breadth collapsed, SPY and QQQ fell sharply, and money rotated into consumer staples while inverse products dominated continuation signals. The hosts advise an aggressively bearish afternoon bias and name key SPY and...

Key points

  • The percentage of stocks above their 20 SMA fell 42 points to 53%, and SPY dropped 3.56% to $739.53 while QQQ fell 5.39%.
  • Technology fell 5.97% while consumer staples was a relative hideout, down only 0.8%.
  • Inverse products dominate continuation signals, with TES up 20.0% on 1.7 relative volume, and new entries lean negative.
  • Afternoon bias should be aggressively bearish: cut position size sharply on any longs and favor staples and earnings-strength names.
  • Watch SPY's 20-day low at 737.11 and its SMA-200 at 738.18; QQQ has already lost its SMA-200.

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 Nov 5, 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 Nov 5, 2026.

PWR

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 PWR in WaveFinder.

Daily bars through Nov 5, 2026.

RGLD

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 RGLD in WaveFinder.

Daily bars through Nov 5, 2026.

BSY

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 BSY in WaveFinder.

Daily bars through Nov 5, 2026.

LIME

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 LIME in WaveFinder.

Daily bars through Nov 5, 2026.

JMKE

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 JMKE in WaveFinder.

Daily bars through Nov 5, 2026.

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