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Market breadth collapses from 46% to 10% above the 20-day moving average in a single session, flipping sentiment gauges and market leadership overnight. The hosts break down what to cut, what to hold small, and which stocks to watch for tomorrow’s confirmation.
Chapter by chapter
Breadth Craters From 46% to 10%
The 20 SMA breadth reading collapses 36 points in one session, signaling a reversal day.
Sentiment Flips and Leadership Narrows
Bull/bear sentiment gauges invert while leadership narrows into Communication Services and Health Care.
Cut the Extended Tech Names
PANW and ALAB get sold before the bell as momentum longs lose support.
Insurance Holds, Inverse ETFs Flash Warning
AJG and AON hold up as a small-sized defensive trade while inverse ETFs dominate the bullish-reversal scan.
PANW and ALAB as Tomorrow's Canary
How PANW and ALAB open tomorrow will confirm whether today was a one-day flush or a real breadth break.
Trade Internals Until Breadth Recovers
With no clean SPY level to lean on, the plan stays defensive until percent above the 20 SMA climbs back toward the 40s.
Key points
Percent of stocks above the 20-day SMA cratered from 46% to 10% in a single session — a full regime flip, not a normal pullback.
Cut extended tech exposure like PANW and ALAB before the close; momentum longs have no breadth support underneath them.
Insurance names AJG and AON are the strongest continuation trades, but size small since this isn't a press-your-bets tape.
Inverse ETFs (SDS, SPXU, SPDN) topping the bullish-reversal scan is a warning sign to prioritize capital protection.
No clean SPY level to trade today — watch internals instead, and wait for breadth to climb back toward the 40s before turning constructive again.
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 ALAB 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 ALAB in WaveFinder.
See AJG 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 AJG in WaveFinder.
See AON 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 AON in WaveFinder.
See SDS 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 SDS in WaveFinder.
See SPXU 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 SPXU in WaveFinder.
See SPDN 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 SPDN in WaveFinder.
See SUNB 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 SUNB in WaveFinder.