Next Day Prep #312: Calm Index, Cracking Breadth: The Warsh Shock – Friday 8/28/2026

Episode summary

The S&P barely moved, but 20-day market breadth collapsed from 46% to 10% in a single session after Kevin Warsh’s hawkish remarks sent yields to 2026 highs. The hosts break down which scans caught the rotation into rate-insulated mega-caps and defensives, dissect surprising earnings reactions in Marvell, NVDA, PayPal, and Workday, and lay out a cautious-with-a-bearish-tilt game plan with key levels on AMZN and GOOGL.