Midday Wave #136: Thin Tape: Breadth Diverges as Indices Hold Gains – Wednesday 10/21/2026

Indices sit in the green, but the bull count collapsed from 367 to 185 as short-term breadth fades while long-term breadth firms up. The desk ranks SPY, QQQ, and IWM on structural strength, flags defensive sectors as the real leadership, and lays out the exact levels — QQQ’s SMA50, SPY’s confluence, IWM’s SMA20 — that... The post Midday Wave #136: Thin Tape: Breadth Diverges as Indices Hold Gains – Wednesday 10/21/2026 first appeared on WaveRider Markets.