Midday Wave #114: Sprinter vs. Marathon: Breadth Diverges at Midday – Tuesday 9/22/2026

Welcome to WaveRider mid-day wave your mid-session market intelligence. Let's dive in 20 SMA breath just jumped 14 points in today 70 to 84 percent. So why hasn't the regime actually changed? Let's get into it. Right. That's the whole tension today Okay, so give me the regime read has anything flipped since the open not really 40 SMA breath is sitting at 24.78 percent up from 23.86 percent yesterday. So still stuck still stuck under that 25% neutral line. Yeah marginal uptick nothing more and yet the short term number is ripping 84% up from 70 a clean 14 point jump fast broadening. So it's like a sprinter breaking off the blocks while the marathon pace stays flat. Exactly that anything under the hood I should worry about. One settle thing. Both 4% east to 138 from 140 barely moved. But bear 4% climbed to 86 from 75. Bears quietly building. So the headlines bullish but underneath underneath it's mixed sentiment reads bullish on 4% neutral on 40 SMA. That's your divergence right there and no index data this session right. No SPY QQQ or IWM. So breath and single stock flow are the entire read today. Okay, so participation is expanding but expanding where what's actually firing on the scans. One word medical everything nearly every actionable name start with continuation DNA of 11.5% at $8.90 percent. RVOL 1.1 decent volume decent. Then BLHN up 10.9% at $115.21 but RVOL 0.9. Wait, sub one on a double digit move. That's the conviction question. Yeah, price is there volume isn't. What about new entries two SIP names both on binary medical catalysts NTRA at $37.64 on a Japan signatory approval RVOL 1.51 and the second VRTX at $510.72 on positive enaxe of Plint trial data. So catalyst driven not macro precisely and here's the thing NTRA fired twice twice. A continuation print to at $386.24 of 4.2% follow through holding the thesis. Okay, that's real. What about institutional confirmation the 20% study. ALMR at $35.5 129 funds behind it RVOL 1.67 129 funds that's genuine and FPS at $37.74 RVOL 1.37 pushing right into a supply band. So one theme three confirmation layers continuation SIP and 20% study all medical. That's the tape. Now I heard there was an outlier something crazy. Oh CEO up 33.86% from open on RVOL 27.83. 27? Say that again. 27.83. It's a microcaps spike though a firecracker in a room of steady candles. So not representative. Not at all. Ignore it for the broader read. Any faders? 1. Dava down on analyst downgrades sentiment score minus 2. Okay, so one sector carrying the tape but bears building underneath. What does that mean into the clothes? Cautiously constructive. That's the bias. Meaning the breath expansion supports engagement but the rising bear count and that stuck 40 SMA they argue against full conviction. So size it down controlled risk over aggressive explicitly. Give me the levels. What's the litmus test? 2. Watch NTRA holding above $370.64 that keeps the diagnostic thesis alive towards $386.24. And FPS. FPS needs to clear the $38.45 to $40.30 supply band to confirm the 20% study breakout. So those are your tells. Those are the session's tells. Yeah. Accelerator down parking breaks still partly on. I like that. All right, bring it home for me. Short term breath is broadening fast but the 40 SMA regime hasn't flipped and bears are quietly building. Stay engaged in the medical names. Keep size honest. Perfect. So track NTRA above $37.64. FPS through that $38.45 to $40.30 band and size for the mixed regime. That's your mid day wave. We'll catch you at the close. That's all for today's episode of Wave Rider mid day wave. Your mid session market intelligence. See you next time.