Next Day Prep #315: Green Tape, Weak Breadth: Why Cautious Holds – Wednesday 9/2/2026

Episode summary

Despite every major index closing green, breadth quietly collapsed — percent of stocks above the 20-day SMA got cut in half, keeping the regime call at Cautious. The team breaks down which breakouts had real sector support (steel, Reddit) versus isolated moves that got sold despite good news (Palo Alto, MongoDB), then sets up tomorrow’s watchlist and key macro levels to watch.