Midday Wave #84: Breadth Collapse: From Very Bullish to Neutral in One Session – Monday 8/10/2026

Welcome to Wave Rider mid-day wave your mid-session market intelligence. Let's dive in. Yeah, that's the whole story Okay, so walk me through it. Morning was very bullish off Friday's clothes. Where are we now? Honestly, neutral to bearish. The 40 SMA breath is at 56.41% down from 64.66% yesterday. So about 8 points? 8.3? Exactly. But the 20 SMA is the scary one. It collapsed to 142% from 240%. Right. Wait, 98 points? 98 in one session. Oh, wow. That's wild. Look and look at the counts. Bull 4% Cratered from 454 down to 160. More than halved. And the bears? Ticked up, 167 from 143. So sellers are quietly taking the tape. And sentiment officially reads what now? 40 SMA is reading bearish. The 4% is neutral. So froth is gone. Yeah, you know what? Here's the thing though. The index tapes dark today, right? Right. SPY, QQQ, IWM, all unavailable. So breath and sector flow are the anchor. Flying without the main instrument panel. Basically, yeah. And when you look at sectors, there's a clear rotation. Energy stepped into leadership. RSPG of 3.56%, 90th percentile. Right. While tech. Tech, lags. RSPT down 0.9%, 19th percentile. The usual captains on the bench. Okay. So with breath falling that fast, which continuation trades are actually holding up? Good question. And it's split. You've got clean institutional quality holders. INTU up 2.2%, CLX of 1.8%, both low RVOL steady. Low drama. Low drama. FET up 5.1% in energy. CVLT up 2.4% in software. Those are real. Yeah. And the fakes? BSP up 11.3%. Oh wow. Oh wow, that's a big pop. On RVOL of 0.3. Wait, really? That's nothing. Nothing. Plus, 142.1% risk flag. It's a loud engine with an empty gas tank. Noise without fuel. Exactly. Right. Okay, so what about stocks in play? Any new movers since the open? On the bullish side, Ubers up 5.29% on a target raise. KRMN up 3.58% on a defense target bump. And the breakdowns? So basically, this is the one. TTD down 26.99% on a downgrade. 27%. Gapped to $13.80 on RVOL 7.14. Oh man. Man. And ACH down 8.77% on weak sales. Intex pressured too. A proposed $15 billion stock offering. Right. Delusion. Delusion. Same risk off tone you see in the breath. Right. Right. Now what about the 20% study? Any institutional confirmation? I mean, yeah. Two names stand out. SPCX at $133.11, 778 funds RVOL 1.96. 778 funds circling one stock? That's a crowd forming before an announcement. And HONA at $168.51, 702 funds RVOL 2.35. Right. So not all momentum's fading. No. But the broad tape is souring. Okay. So the tape's split. Clean holders, clear breakdowns. What does a trader actually change from the morning? Shift to always be in control. Controlled risk taking. Smaller size, wait for confirmation before pressing new lungs. Hand near the break, not the gas. That's it. Don't chase continuation into a breath collapse. Exactly. And the levels to watch? You know, TTD's post-gap level near $13.80 is the key battleground. Is it a trap or a turn? Price has to prove it. And SPCX? Watch the supply zone. $138.11 to $138.95 against demand support. Down at $114.06 to $120.06. That's your setup into the clothes. So to sum it up, breath cratered from very bullish to neutral in a single session. And the afternoon calls for controlled risk, not continuation chasing. Discipline over offense. That's the bay. Watch TTD's pivot at $13.80 and SPCX is supply zone before adding any. Any risk? Exactly. That's the mid-day wave. Trade safe out there. That's all for today's episode of Wave Rider mid-day wave. Your mid-session market intelligence. See you next time.