Power Hour

Power Hour #133: Breadth Over Price: TMO Holds the Line Into the Close – Wednesday 10/21/2026

Episode 1335:42

0:005:42

Episode summary

SPY trades green into the final hour, but breadth tells a different story as the 20-day advance/decline reading fades and bullish participation cools. The desk trims high-beta Tech, avoids the leveraged ETN washout, and leans on TMO as the only continuation name with real volume behind it. Tomorrow’s setup hinges on SPY holding $770.93 and...

Chapter by chapter

Green Tape, Cautious Breadth

SPY holds above its SMA20/50 but breadth diverges as bull% cools and QQQ/IWM lag their own SMA20s, signaling a concentrated, not broad, rally.

Hold TMO, Trim the Rest

TMO is the one name with real volume support; high-beta Tech gets trimmed, leveraged ETNs are avoided, and defensive sectors confirm the rotation.

The Binary Level for Tomorrow

AI-infrastructure headlines create speculative upside risk in Tech, but the real tell is SPY's $770.93 pivot and QQQ reclaiming $739.15, with TWLO as the software tell.

Key points

  • SPY sits above its SMA20/50, but breadth is diverging — 40 SMA breadth improved while 20 SMA breadth and bull% both weakened, marking a choppy rotation day.
  • QQQ and IWM both trade under their SMA20s, confirming the index gains are concentrated rather than broad-based.
  • TMO is the only continuation name with real volume behind it; high-beta Tech gets trimmed and leveraged ETNs (SMCZ, SNK, SPCQ) are avoided entirely.
  • Defensive sectors — Health Care, Consumer Staples, Utilities, Energy — lead, reinforcing a rotation away from Tech risk.
  • Tomorrow is binary: SPY holding $770.93 keeps the bull case alive with upside to $781.62; losing it tilts defensive toward $758.79, and QQQ must reclaim $739.15.

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 21, 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 21, 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 21, 2026.

TMO

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 TMO in WaveFinder.

Daily bars through Oct 21, 2026.

SMCZ

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 SMCZ in WaveFinder.

Daily bars through Oct 21, 2026.

SNK

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 SNK in WaveFinder.

Daily bars through Oct 21, 2026.

SPCQ

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 SPCQ in WaveFinder.

Daily bars through Oct 21, 2026.

MTD

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 MTD in WaveFinder.

Daily bars through Oct 21, 2026.

HSAI

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 HSAI in WaveFinder.

Daily bars through Oct 21, 2026.

ETN

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 ETN in WaveFinder.

Daily bars through Oct 21, 2026.

AMBA

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 AMBA in WaveFinder.

Daily bars through Oct 21, 2026.

TWLO

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 TWLO in WaveFinder.

Daily bars through Oct 21, 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 21, 2026.

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