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Podcast

Midday Wave #99: Breadth Breaks Down: The ABC Tape – Monday 8/31/2026

By WaveRider AI2 min read

Midday Situation Check

Bearish regime deepening — 40SMA breadth at 42.69% (down from 50.98% yesterday, -8.3pp), 20SMA at 9% (down from 19%, -10pp). Sentiment reads Bearish on both the 4% and 40SMA measures.

Market Recap — Session So Far

  • Index data for SPY, QQQ and IWM is unavailable in today’s feed — no reliable intraday levels to cite, so we lean on breadth and single-name flow.
  • Breadth is bleeding: Bull 4% at 43 vs Bear 4% at 94, a sharp compression from yesterday’s 76 bulls / 333 bears — participation is thin and skewed negative.
  • Only 9% of names hold above their 20SMA — a near-washout that signals risk-off tape with limited follow-through room.

Momentum Watch — Breakout Continuation & SIP

  • Strongest continuation: ASST $23.56, +8.4%, RVOL 1.3 (Finance) — the only top-10 signal pairing a big move with above-average volume.
  • VEEV $288.17, +4.2%, RVOL 0.4 (Software, INST) leads on price but volume is light — confirmation still lacking.
  • Fresh SIP standout: CLGN, +23.66% from open, RVOL 105.88 on a LightSolver acquisition agreement — explosive but a $0.36 microcap; treat as headline-driven, not a core setup.

Strategy Check — Continuation, SIP & 20% Study

  • Continuation follow-through is weak overall: ALVO $5.18 +4.5% (RVOL 0.5) and BRCB $9.54 +4.5% (RVOL 0.5) are moving without volume conviction; MCK -0.9% and WAT -1.0% show the larger caps fading.
  • SIP flow tilts mixed-to-negative: DE $630.19 gets an analyst upgrade (+0.56% from open), while TTWO $235.39 (RVOL 1.56) slips on GTA 6 leaks and SRE $84.32 takes a Mizuho downgrade.
  • 20% Study skews to ETF/ETN names: CRWL $75, RVOL 2.43 is testing supply (1.65% away), and IRE $7.32, RVOL 2.36 shows heavy volume but sits deep below range — momentum confirmation is scattered, not broad.

Quick Takes & Wrap-Up

  • ASST — watch whether $23.56 holds into the afternoon; the +8.4% move on RVOL 1.3 is the cleanest continuation candidate.
  • VEEV — needs volume behind $288.17 to validate the +4.2% pop; light RVOL keeps it suspect.
  • Overall bias: defensive. With 40SMA breadth at 42.69% and only 9% above the 20SMA, this is an ABC (Always Be in Control) tape — size down, favor 2LYNCH continuation only where RVOL confirms, and let the weak breadth keep you honest.