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Despite every major index closing green, breadth quietly collapsed — percent of stocks above the 20-day SMA got cut in half, keeping the regime call at Cautious. The team breaks down which breakouts had real sector support (steel, Reddit) versus isolated moves that got sold despite good news (Palo Alto, MongoDB), then sets up tomorrow’s watchlist and key macro levels to watch.
Chapter by chapter
Green Tape, Cautious Call
All major indices close green but the regime call stays Cautious at 41.9% above the 40-SMA.
Sentiment Whipsaw & Breadth Crack
The bull-bear gauge violently flips bullish while 20-day SMA breadth collapses from 17% to 8%.
Steel & Reddit Confirm Breakouts
STLD and RDDT rally with sector-wide confirmation from Nucor, Charter, and Cable One.
Dell Beats, Software Breaks
Dell's raised AI-server outlook contrasts with Palo Alto, MongoDB, Palantir, and CrowdStrike selling off despite beats.
Watchlist: STLD, RDDT, NVDA
Three names to track tomorrow with key levels and a sizing warning on RDDT's wide ATR.
Calendar, Scenarios & Regime Forecast
Thursday's ISM and jobless claims data, bull/bear oil-and-yields scenarios, and a repeated Cautious regime call.
Key points
A green tape can mask deteriorating internals — 20-SMA breadth halved from 17% to 8% even as all major indices rallied.
Breakouts backed by sector-wide confirmation (STLD/Nucor, RDDT/Charter/Cable One) held; isolated good news (Palo Alto, MongoDB) got sold anyway.
Capital is rotating within tech, not broadly embracing it — hardware (Dell, HPE) won while software got punished despite beat-and-raise quarters.
Oil below $92 and the 10-year capped near 4.80-4.82% are the key levels that determine whether cyclical broadening continues or growth gets re-pressured.
Watchlist for tomorrow: STLD (~$247.53), RDDT (~$158.10, size small), and NVDA (~$224.25) at resistance — with 20-SMA breadth as the number to watch for a regime upgrade.
See STLD in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 STLD in WaveFinder.
See RDDT in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 RDDT in WaveFinder.
See NVDA in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 HPE in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 HPE in WaveFinder.
See DELL in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 DELL in WaveFinder.
See PANW in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 PANW in WaveFinder.
See MDB in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 MDB in WaveFinder.
See PLTR in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 PLTR in WaveFinder.
See CRWD in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 CRWD in WaveFinder.
See NUE in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 NUE in WaveFinder.
See CHTR in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 CHTR in WaveFinder.
See CABO in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 CABO in WaveFinder.
See LULU in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ZS in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See DOCU in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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