Midday Wave #107: Bullish Sentiment, Narrowing Breadth: The Midday Divergence – Friday 9/11/2026

Welcome to WaveRider midday wave, your mid-session market intelligence. Let's dive in. Okay, so give it to me straight. How's breath moved since yesterday and a sentiment agree? It doesn't. That's the whole story today. Wait, really? Yeah, percent above the 40-day SMA is down to 31.57% from 34.04% yesterday. So contracting. Contracting. And the 20-day slipped to 30% today down from 31%. Mm-hmm, modest, but both pointing the same direction. Right, and here's the thing, sentiment went the other way, hard. How hard? The bull 4% count jumped to 130 from 91, and the bear 4% collapsed to 44 from 277. Whoa, from 277 down to 44? Yeah, in one session. So the label flips to bullish 4%, even as breath thins out. See, that's the thing. Everyone's positioning bullish while fewer stocks are actually leading. Exactly. It's like a crowd thinning out at a concert, but cheering louder. Right. Yeah. So who's still on the dance floor, any leadership shift? Building and technology. That's where the strength is concentrating as breath narrows. Look, if fewer stocks are leading, which ones are actually holding up, let's check the signals. So basically, the standout continuation is S-A-N-M, up 7.2% price at $217.87. Nice move, volume behind it. That's the nuance. Our vol is just 0.6. Wait, 0.6 on a 7% move? Under normal volume. So it's a car accelerating hard on a quiet road. Ha, so strong, but not fully confirmed. Not yet. I mean, I'd want R-Volubov 1.0 before I trust it. Fair. Any new names in play? Two fresh bullish entries, A-B-T-C, came in at $8.3. On what catalyst? Bypartisan crypto legislation. And K-R entered on a Q2 earnings beat. Two different fuel sources. I like it. Right. Mm-hmm. Honestly, but not everything's green. OKL-O showed up negative at $39.89. What's dragging it? A dilutive equity offering. Extra baggage weighing it down. Mm, anything on the institutional side? Yeah, the 20% study flags P-A-T-X. It's at $11.04, sitting right at demand. Meaning? Meaning it's testing a zone where institutions have historically stepped in between $10.75 and $10.49. So that's your line, too. That's the line. And on sector confirmation, building is showing broad follow-through. Give me the trio. F-I-X, up 5.3%, P-W-R, up 4.7%, S-T-R-L, up 5.0%. All three moving together, that's real. That's real. Meanwhile, consumer discretionary and industrial's lag, RSPD, at negative 1.37, RSPN, at negative 1.49. So, builder showing up in force, shoppers pulling back. Perfectly put. Yeah. OK, so leadership is narrowing, not disappearing. What does that mean for the rest of the session? Like, it means trust the narrow strength. Wait conviction toward building and technology. And discount the broad bullish. Discount it. When Brett's contracting, that sentiment swing is fragile. Right, so what's the one level into the close? That's all for today's episode of Wave Rider Midday Wave, your mid-session market intelligence. See you next time.