Next Day Prep #327: Bearish Regime, Bullish Tape: Why Breadth Didn’t Buy It – Monday 9/21/2026

Episode summary

AMD crossed a trillion dollars and the Nasdaq surged 2.3 percent, but the market regime stayed Bearish because 40-day breadth barely budged. The team unpacks the ‘triple relief trade’ behind the rally, flags MRNA and Darvas breakouts worth watching, and previews tomorrow’s $69 billion 2-year note auction as the real test of whether this bounce has legs.