Power Hour

Power Hour #132: Breadth Flips, Tech Fades: Inside Today’s Defensive Rotation – Tuesday 10/20/2026

Episode 1324:28

0:004:28

Episode summary

With index levels dark, internals tell the story: market breadth widened sharply as bulls jumped to 271 from 163, while Technology fell to the bottom decile and Healthcare, Staples, and Energy took the lead. The desk breaks down what to trim (Tech), what to hold (healthcare leaders NBIX, AZN, QGEN), and the two levels —...

Chapter by chapter

Breadth Flips as Index Levels Go Dark

Bulls surge to 271 from 163 as the 40 SMA breadth jumps nine points, signaling a rotation day rather than a breakout.

Trim Tech, Hold Healthcare

RSPT falls to the bottom decile while RSPH leads; NBIX, AZN, and QGEN headline the healthcare trade, with EFX and RAPP flagged as key volume plays into the bell.

Watching the Catalyst Wire Overnight

AZN and NBIX catalysts, QGEN's M&A chatter, and the RAPP $30 defend level set up tomorrow's open, with breadth strength as the key tell.

Key points

  • Market breadth widened sharply (271 bulls vs. 79 bears), with the 40 SMA reading up nine points — signaling rotation, not a breakout.
  • Technology (RSPT) fell to the 11th percentile and is being trimmed, while Healthcare (RSPH) led all sectors at 2.89.
  • NBIX, AZN, and QGEN are the healthcare leaders to hold, backed by Phase 2/3 catalysts and acquisition chatter.
  • EFX (+11.2%) and RAPP (+6.2% on 14.6 RVOL) are the two volume stories to watch into the close, with $176 and $30 as key levels.
  • Tomorrow's setup hinges on whether the breadth gain holds and whether RAPP defends $30.

Ticker charts

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 Oct 20, 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 Oct 20, 2026.

IWM

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 IWM in WaveFinder.

Daily bars through Oct 20, 2026.

RSPT

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 RSPT in WaveFinder.

Daily bars through Oct 20, 2026.

RSPH

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 RSPH in WaveFinder.

Daily bars through Oct 20, 2026.

RSPS

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 RSPS in WaveFinder.

Daily bars through Oct 20, 2026.

RSPG

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 RSPG in WaveFinder.

Daily bars through Oct 20, 2026.

NBIX

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 NBIX in WaveFinder.

Daily bars through Oct 20, 2026.

AZN

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 AZN in WaveFinder.

Daily bars through Oct 20, 2026.

QGEN

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 QGEN in WaveFinder.

Daily bars through Oct 20, 2026.

EFX

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 EFX in WaveFinder.

Daily bars through Oct 20, 2026.

RAPP

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 RAPP in WaveFinder.

Daily bars through Oct 20, 2026.

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