Power Hour

Power Hour #115: Breadth Break: Defensive Rotation Into the Close – Monday 9/28/2026

Episode 1154:06

0:004:06

Episode summary

A single-session breadth collapse flips the regime to Defensive and Oversold, with sentiment and trend both turning bearish. The playbook: hold institutional leaders BURL and ASML, cut rate-sensitive names like MU, META, and MDB, and watch OKTA’s $195.19 reclaim as tomorrow’s cleanest re-entry setup.

Chapter by chapter

Breadth Collapse Triggers Regime Shift

A 23-point breadth drop flips the regime to Defensive with sentiment and trend confirming the shift.

BURL and ASML Hold the Line

The two institutional names still up on the day, both riding top-percentile sectors.

Cutting the Rate-Sensitive Four

MU, META, MXL, and MDB get cut on rate and capex pressure, plus a CEO departure at MDB; Financials and Energy flagged as no-go zones.

OKTA Watch and the Safe-Haven Tell

OKTA's $195.19 reclaim sets up a software re-entry, while surging NULV, NUV, and NOBL volume signals fear-driven safe-haven flow, not risk-on buying.

Levels and Exposure Into the Open

Key overnight levels for ASML, BURL, and OKTA, plus a call to stay light on gross exposure until breadth confirms a turn.

Key points

  • Breadth collapsed from 40% to 17% above the 20-day in one session, flipping the regime to Defensive and Oversold.
  • This is a rotation, not a crash — capital moved into institutional leaders BURL and ASML rather than exiting entirely.
  • Rate and capex pressure drove cuts in MU, META, MXL, and MDB; Financials, Energy, and Utilities are pure risk-off zones to avoid.
  • Surging volume in NULV, NUV, and NOBL reflects safe-haven fear, not genuine risk appetite.
  • Stay light on gross exposure and wait for breadth confirmation before adding risk; OKTA's $195.19 reclaim is the cleanest re-entry to watch.

Ticker charts

BURL

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 BURL in WaveFinder.

Daily bars through Sep 28, 2026.

ASML

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 ASML in WaveFinder.

Daily bars through Sep 28, 2026.

MU

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 MU in WaveFinder.

Daily bars through Sep 28, 2026.

META

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 META in WaveFinder.

Daily bars through Sep 28, 2026.

MXL

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 MXL in WaveFinder.

Daily bars through Sep 28, 2026.

MDB

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 MDB in WaveFinder.

Daily bars through Sep 28, 2026.

OKTA

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 OKTA in WaveFinder.

Daily bars through Sep 28, 2026.

RSPF

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 RSPF in WaveFinder.

Daily bars through Sep 28, 2026.

NULV

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 NULV in WaveFinder.

Daily bars through Sep 28, 2026.

NUV

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 NUV in WaveFinder.

Daily bars through Sep 28, 2026.

NOBL

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 NOBL in WaveFinder.

Daily bars through Sep 28, 2026.

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