Next Day Prep #293: A Two-Stock Rally: Why New Highs Feel Like a Warning – Friday 7/31/2026

Episode summary

The S&P hit a fresh high at 7,500, but collapsing short-term breadth and a narrowing NYSE advance-decline line reveal a distribution-flavored session underneath. AMZN and GOOG carried the tape on blowout cloud numbers while AAPL’s record quarter got punished on guidance, and the show closes with tomorrow’s continuation setups and the yield-and-oil risks threatening the Cautious regime.