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The S&P closed higher, but breadth tells a very different story — only 30.67% of stocks hold above their 40-day average as oil spikes to $110 on Iran tensions and the 10-year yield sits above 5%. With earnings punishing even beat-and-raise quarters and the continuation scan firing just one signal, the playbook today is patience:...
Chapter by chapter
Breadth Breakdown: Cautious Bearish Call
The regime shifts to Cautious Bearish as only 30.67% of stocks trade above their 40-day average and futures point to a weak open.
Oil Spike and Rate Pressure
WTI crude jumps 6.1% to $110 on Iran tensions while the 10-year yield holds above 5% and housing starts badly miss expectations.
Breadth Collapse Under the Hood
Stocks above the 20-day average fall from 27% to 22% in a single session as the Equal Weight S&P diverges from the cap-weighted index.
Earnings Reactions: Good Isn't Good Enough
GM and GE Aerospace get punished despite beats and raised guidance, while only RTX, 3M, and strict beat-and-raise stories get rewarded.
Today's Scan: Just One Signal
The continuation scan flags only Amazon as a credible setup, with Chipotle and Meta as watch-only reversal flags and SYRE on the leaders board.
Action Codes and the Gap Plan
First Hour Pass and the COUGAR patience code frame the day's gap-up and gap-down game plans heading into the open.
Key points
Only 30.67% of stocks trade above their 40-day average — breadth confirms a Cautious Bearish regime despite yesterday's index gain.
Oil spiked 6.1% to $110/barrel on Iran tensions, the highest since mid-April, adding a fresh headwind on top of a 5.10% 10-year yield.
Equal-weight S&P underperformance and a 20-day breadth drop from 27% to 22% show the rally is narrow and mega-cap driven.
Earnings bar is brutally high — GM and GE Aerospace fell despite beats/raised guidance, while only full beat-and-raise names like RTX and 3M held up.
With just one continuation signal (AMZN) on the scan, today's playbook is First Hour Pass and patience over aggression.
See AMZN in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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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 AMZN in WaveFinder.
See SYRE 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 SYRE in WaveFinder.
See GM 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 GM in WaveFinder.
See GE 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 GE in WaveFinder.
See RTX 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 RTX in WaveFinder.
See MMM 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 MMM in WaveFinder.
See CRWV 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 CRWV in WaveFinder.
See CMG 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 CMG in WaveFinder.
See META 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 META in WaveFinder.