Next Day Prep

Next Day Prep #356: AI Hardware Rally Masks Eroding Breadth – Tuesday 11/3/2026

Episode 3564:55

0:004:55

Episode summary

A recap of the November 3, 2020 session where the S&P rose 0.4% and the NASDAQ 0.8%, but the equal-weighted S&P fell 0.4% as breadth eroded. The hosts review scan signals, contrast the FN and Apple earnings reactions, and set a watch list and gap scenarios ahead of a heavy macro data day.

Key points

  • Index gains masked weak breadth: the 20-day breadth metric fell from 72% to 57% and 51.61% of stocks closed above their 40-day moving average.
  • Buying was a narrow rotation into AI hardware, while participation elsewhere decayed.
  • FN jumped 15.5% on a beat-and-raise quarter, while Apple fell 1.90% on a good-news sell fade tied to slowing services growth worries.
  • Tomorrow brings midterm elections, ADP employment, ISM non-manufacturing data and the AMD after-hours print.
  • Action codes are CRT and T3A: stay selective, keep position sizes small and wait for Thursday.

Ticker charts

FN

Open in app
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 FN in WaveFinder.

Daily bars through Nov 3, 2026.

AAPL

Open in app
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 AAPL in WaveFinder.

Daily bars through Nov 3, 2026.

AMD

Open in app
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 AMD in WaveFinder.

Daily bars through Nov 3, 2026.

LFUS

Open in app
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 LFUS in WaveFinder.

Daily bars through Nov 3, 2026.

CORZ

Open in app
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 CORZ in WaveFinder.

Daily bars through Nov 3, 2026.

QQQ

Open in app
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 QQQ in WaveFinder.

Daily bars through Nov 3, 2026.

SPY

Open in app
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 SPY in WaveFinder.

Daily bars through Nov 3, 2026.

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