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A Nov 4, 2026 market review and next-day plan. Breadth improved sharply and the regime stayed cautious as capital rotated from tech and AI infrastructure into consumer names on lower yields and falling oil. The hosts review signals and lay out SPY levels and a watchlist for tomorrow.
Key points
Regime held at cautious: 58.01% of stocks above their 40-day average, with 730 bulls vs 435 bears.
SPY (766.65) and QQQ failed to reclaim their 20- and 50-day averages despite strong breadth.
Rotation from AI infrastructure into consumer was driven by a 10-year yield of 4.89% and crude at $88.23.
Tomorrow: SPY needs to close above 767.57 to target 779.42; a rejection risks a slide to 750.36. Action code is CRT.
Risk: if energy prices rebound, the consumer relief thesis could reverse quickly.
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