Midday Wave Update – 2026-05-08
Midday Situation Check
Neutral regime — 40SMA breadth at 64.8% (down from 67.64% yesterday), 20SMA at 97%.
Market Recap — Session So Far
Market is mixed with no data available on SPY, QQQ or IWM index prices.
- No data can be cited for index levels.
- Bull 4% at 223, Bear 4% at 198, showing a shift from yesterday’s Very Bearish sentiment, where Bull 4% was 270 and Bear 4% was 337.
- Volume pace cannot be calculated.
Momentum Watch — Breakout Continuation & SIP
- INOD is the strongest continuation signal with a price of $82.75, up 81.3% with an RVOL of 7.3 in the BUSINS SVC sector.
- New SIP entries include: AD (TELECOM) with a Better-than-expected Q1 EPS (price $49.3), CPAY (FINANCE) with Raised FY26 EPS and sales guidance (price $305.75), MKSI (CHIPS) with Price targets raised (price $300.79).
- Additionally: NTRA (MEDICAL), NNI (FINANCE), OM (MEDICAL) and WYNN (LEISURE).
Strategy Check — Continuation, SIP & 20% Study
- INOD, the strongest Continuation signal, at $82.75 and up 81.3% with RVOL 7.3.
- New SIP entries include AD with Better-than-expected Q1 EPS and CPAY with raised FY26 EPS and sales guidance.
- From the 20% Study, watch FTAI at $272.54 near supply, or CIEN at $538.76 near supply, both in the TELECOM and AEROSPACE/DEFENSE sectors showing potential momentum.
Quick Takes & Wrap-Up
- RSPT — Watch for continued strength in the Technology sector which has shown a 2.04% change today, with current value at 4.9.
- Energy sector — RSPG‘s downtrend continues; monitor for a reversal, with current value at -0.94.
- Expect continued volatility. Follow momentum in Technology sector, and watch for potential reversals in Energy.