Midday Wave: May 12, 2026
Midday Situation Check
Bearish regime — Sentiment at 4% (Very Bearish), with 40SMA breadth at 54.54% (down 5.3pp from yesterday’s 59.87%) and 20SMA breadth at 70% (down 88pp from yesterday’s 158%).
Market Recap — Session So Far
Index data unavailable for SPY, QQQ, and IWM, but breadth metrics indicate a sharp deterioration in market internals from the previous session.
- Index Levels: Specific price data for major indices is unavailable; however, the market breadth suggests significant internal weakness.
- Breadth Update: Bullish 4% sentiment sits at 97 versus 374 Bearish, while the 20SMA breadth collapsed from 158% to 70% overnight.
- Volume Pace: While specific index volume is unavailable, the breadth contraction suggests a lack of broad participation in any potential intraday recovery.
Momentum Watch — Breakout Continuation & SIP
- Top Continuation: OABI leads the pack with a 7.5% gain and 0.8 RVOL, followed closely by PTNR up 4.9% with 0.9 RVOL.
- SIP Movers: RAL surged 4.62% after raising FY2026 EPS and sales guidance, while BWEN gained on better-than-expected Q1 results despite a -5.58% move from open.
- Follow-Through: Morning breakouts in OABI and PTNR are holding, whereas CVM dropped 18.97% from open after a share offering.
Strategy Check — Continuation, SIP & 20% Study
- Continuation Signal: OABI remains the strongest signal with a 7.5% move and 0.8 RVOL, showing resilience despite the broader bearish sentiment.
- SIP Entries: RAL (4.62% change from open) and BWEN (better-than-expected results) represent the primary positive news flow, while CLSK (-2 sentiment) trades lower on worse-than-expected Q2 results.
- 20% Study: NVDA trades between demand at 203.99 and massive supply, while KRYS sits at demand near 300.24 with a 49.27% ATR risk profile.
Quick Takes & Wrap-Up
- OABI: Watch for a retest of the $1.79 level to confirm the 7.5% breakout holds in the afternoon session.
- RAL: Key support sits at the $49.56 level following the guidance raise; a break below could signal profit-taking.
- Overall Bias: Bearish — With 20SMA breadth down 88 percentage points and sentiment at 4%, expect continued pressure unless breadth stabilizes.