Analytics, your call. We’d like to use analytics cookies to see which pages help. Nothing is loaded unless you accept, and the site works the same either way. Privacy policy
The S&P barely moved, but 20-day market breadth collapsed from 46% to 10% in a single session after Kevin Warsh’s hawkish remarks sent yields to 2026 highs. The hosts break down which scans caught the rotation into rate-insulated mega-caps and defensives, dissect surprising earnings reactions in Marvell, NVDA, PayPal, and Workday, and lay out a cautious-with-a-bearish-tilt game plan with key levels on AMZN and GOOGL.
Chapter by chapter
Breadth Collapse Behind a Calm Tape
20-day breadth craters from 46% to 10% in one session even as the S&P closes nearly flat, exposing a risk-hiding rotation beneath a calm surface.
Scans Catch the Flight to Safety
2LYNCH, D9M, and reversal signals show capital consolidating into defensives, financials, and mega-caps as rate-insulated safe harbors.
Earnings Winners, Losers, and Surprises
Marvell and PayPal sell off despite strong results while Workday rallies on earnings quality, and NVDA falls as a pure rate-sensitivity casualty.
Levels, Bull/Bear Cases, and Action Codes
Key supply and demand levels on AMZN, GOOGL, and DPZ frame a Cautious Bearish forecast with CRT and T3A action codes for tomorrow.
Key points
20-day market breadth collapsed from 46% to 10% in a single session — a far more urgent signal than the calm index-level move.
Kevin Warsh's hawkish comments spiked yields to 2026 highs, driving capital into rate-insulated mega-caps and defensives rather than out of the market entirely.
Strong earnings didn't guarantee gains: Marvell (-10.28%) and PayPal (-12.71%) fell despite good results, while Workday (+5.76%) rallied on earnings quality.
Nasdaq breadth (1,512 advancers vs. 3,399 decliners) shows classic distribution — mega-caps propping up the index while most stocks decline underneath.
Tomorrow's stance is Cautious with a bearish tilt: size down (CRT), stay in rate-insulated leaders, and don't chase moves ahead of September FOMC repricing (T3A).
See AMZN in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AMZN in WaveFinder.
See GOOGL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open GOOGL in WaveFinder.
See MRK in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open MRK in WaveFinder.
See DPZ in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open DPZ in WaveFinder.
See MRVL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open MRVL in WaveFinder.
See NVDA in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open NVDA in WaveFinder.
See PYPL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open PYPL in WaveFinder.
See WDAY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
Can't reach WaveFinder right now. Your episode is still playing.
SMAUp (filled)Down (hollow)
Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open WDAY in WaveFinder.