Power Hour #73: Blind Without the Indexes: Reading Breadth Into the Close – Thursday 7/23/2026

Welcome to Wave Rider Power Hour, your final hour tactical edge. Let's dive in. No SPY, no QQQ, no IWM. Index data's dark today. So how do we call the... Close. We read breadth. And it's screaming two different things at once. Mm-hmm. Two different... Things at once. Okay, give me the numbers. Short-term breadth. Percent above the 20 SMA jumped to 40 from 24. That's a bounce. Right. 16 points in a session. Nice. Right, but here's the thing. The 40 SMA breath fell to 52.14, down from 60.5. Wait, so surface up, guts? Down? Exactly. It's a fever breaking while the infection's still spreading. Ooh, that's grim. Yeah. And sentiment? Bull bear 4% reading? 78 bulls versus 266 bears. Bearish tilt, plain and simple. Yeah, totally. So this isn't a clean trend. Day No it a reversal attempt inside a weakening trend Don get fooled by the green Mm Right Okay so the tape split What do we actually do with that in the next hour Triage Stop the bleeding Protect what holding Oh wow Okay let go What are we holding LH. Sitting at 291.22, up 3.5%, relative volume 1.9, clean continuation, institutional backing. That's the marathoner. That's the marathoner. Keep it. Honestly, what about SkyQ? Everyone's talking about it. Up 38.3%. Yeah, it's an energy rocket, but it carries 130.7% risk. Whoa, say that again? 130.7% risk. That's the sprinter about to pull a hamstring. Hold if you're in, but not full size. Got it. Sure. Look, now what do we cut? GL. At 183.9, mixed earnings, fading red from the open, gone before the bell. Next. FCFS. 208.74 down 1.65% from open. Earnings laggard. Exited. And financials broadly Cut the whole bucket The financials group collapsed to the zero percentile today Zero Like bottom of the Barrel Rock bottom And that maps right on to GL and FCFS failing sector and names telling the same story Oh, man. I mean, see, that's the thing. It all reinforces. Anything to enter? SLG 50.12 raised their FY26 FFO guidance, the bullish standout of the day. Enter now? On confirmation. Don't chase it. Let it prove the level first. Right. Anything on the watch list? FSBC, relative volume 21.5. That's extreme. It's a reversal signal, but only act on a reclaim. 21 and a half times volume? That's wild. It's wild. Watch, don't touch until it takes its level back. Mm-hmm. And REGN, people keep... Asking? Holding firm. Institution-backed reversal name. No action. Just hold the context. Exactly. So basically, okay, so decisions made for today. What sets up for tomorrow? Follow through on the earnings reactors. Watch GL TRV and FCFS off today reactions And energy Still the Trend You know what Energy still the trend yeah But favor a tighter lower risk name over SkyQ profile Right Skip the 130 risk Skip it Let someone else ride that one. Yeah. Like, what's the one level that matters most? The 40 SMA breadth. It's the tripwire. Another day below 50% and the intermediate trend flips clearly bearish. 50%. That's the line. That's the line. It resolves the whole divergence. Stay tactical until it does. So don't commit full size yet. Not until that level tells us which signal wins. Right, right. I mean, okay, let me tie it off. Today's bounce is real but fragile. Cut the earnings failures. Cut weak financials. Hold LH and SLG. And watch that 40 SMA. Set your alert on the 40 SMA. If it holds above 50 tomorrow, we add risk. If not, we stay defensive. Check back at the open. That's the Power Hour. We're out. That's all for today's episode of Wave Rider Power Hour, your final hour tactical edge. See you next time.