Midday Wave Update: June 22, 2026
Midday Situation Check
Bearish regime — Sentiment 4% at 4% (Very Bearish), with % Above 40 SMA at 54.86% (down from 56.78% yesterday) and % Above 20 SMA at 35% (down from 81% yesterday).
Market Recap — Session So Far
Index prices are unavailable for SPY, QQQ, and IWM as of this midday report, but the market breadth paints a stark picture of a sharp deterioration in momentum.
- Breadth Collapse: The percentage of stocks above their 20-day SMA plummeted to 35% today, a massive 46 percentage point drop from yesterday’s 81%.
- Sentiment Shift: Market sentiment has flipped from “Very Bullish” yesterday to “Very Bearish” today, with only 224 bulls against 370 bears on the 4% scale.
- Volume Context: While specific index volume is unavailable, the breadth data indicates a significant withdrawal of participation as prices retreat from short-term averages.
Momentum Watch — Breakout Continuation & SIP
Despite the broad market weakness, specific pockets of activity are emerging in the SIP feed and continuation scans.
- Top Continuation: ASTN leads the pack with a 16.4% gain at $6.96, though it carries high risk at 64.4%.
- SIP Highlights: BWXT is up 2.07% on an upgrade to $205.40, while SMCI surged 7.81% to $30.66 following an HPC solution blueprint announcement.
- Medical Sector: BHVN is showing significant strength with a 14.2% gain at $15.49, and MLTX is up on positive Phase 3 study results.
Strategy Check — Continuation, SIP & 20% Study
With the 20-day SMA breadth collapsing, traders should focus on high-conviction SIP entries rather than chasing broad market breakouts.
- Continuation Risk: AGX is up 4.1% at $768.90, but the 58.6% risk rating suggests caution in this high-volatility environment.
- SIP Movers: IONQ saw a price target raise to $56.55, and HIVE completed inaugural AI research, pushing the price to $4.26.
- 20% Study: Recent data from June 19 shows BESS with a 5.43 relative volume spike, though current intraday data for these specific 20% study tickers is not provided in the live feed.
Quick Takes & Wrap-Up
The market is in a defensive posture with a massive drop in short-term breadth, favoring stock-specific catalysts over index exposure.
- ASTN — Watch the $6.96 level; a break below could signal a failure of the 16.4% intraday surge.
- SMCI — Monitor the $30.66 price point as the stock attempts to sustain momentum after the HPC blueprint news.
- Overall Bias: Bearish for the broad market due to the 46pp drop in 20SMA breadth, but neutral-to-bullish for specific SIP-driven names like BWXT and MLTX.