Midday Wave #62: Trading the Invisible Market: Breadth Breakouts & Foggy Roads

Midday Situation Check

Bullish regime — Sentiment 4% at 4% (Bullish), with % Above 40 SMA at 61.4% (up from 57.89% yesterday) and % Above 20 SMA surging to 67% (up from 36% yesterday).

Market Recap — Session So Far

Market breadth has expanded significantly mid-session, with the 20-day SMA participation jumping 31 percentage points to 67%.

Index levels unavailable: SPY, QQQ, and IWM data is currently (data unavailable), preventing specific price tracking.
Breadth update: Bull 4% count stands at 196 against 121 Bear 4% counts, showing a clear shift from yesterday’s 587 Bull count.
Volume pace: Relative volume for top movers like HUM and LESL indicates moderate participation, with RVOLs ranging from 0.0 to 0.4.

Momentum Watch — Breakout Continuation & SIP

Strongest continuation signal: LESL leads with a 6.5% gain and a massive 117.2% risk metric, despite a 0.0 RVOL.
New SIP entries: SHAZ surged 13.26% from open on an AI collaboration with Nvidia, while RKLB jumped 7.68% after joining the Nasdaq 100 Index.
Morning breakout follow-through: ADBE is fading early gains, down 4.84% from open following an Evercore downgrade to a price of $218.80.

Strategy Check — Continuation, SIP & 20% Study

Continuation signal status: TPL is holding strong with a 4.9% gain and 107.4% risk metric, while FN maintains a 4.0% gain.
SIP movers: BKKT saw a director buy shares at $8.35, and UMAC (from yesterday’s list) remains active with a price target raised to $25.72.
20% Study signals: MU is at supply near $995.87 with a 133.35% ATR risk, while ALAB shows 7.16 ATR multiple strength at $367.47.

Quick Takes & Wrap-Up

LESL: Watch the $8.45 level for continuation; a break above could target the 6.5% gain extension.
SHAZ: Monitor the $71.51 price point as the market digests the Nvidia collaboration news.
Overall bias: Bullish, driven by a massive 31pp expansion in 20SMA breadth, though index data remains unavailable for confirmation.