Oct 13, 2026 · 5 min · 6 segments
Despite a still-Bearish regime label, breakdown counts collapsed and intermediate-term breadth is improving, with energy refiners leading on price. But thin volume across the board keeps the bias…
Okay, so quick regime check.
Where are reverses either been? Still bearish 4%, but improving day over day.
Improving how exactly? So the breath split is the tell.
The 40 SMA is up to 30.28% from 28.54% yesterday.
Right.
But the 20 SMA, flat, stuck at 17%.
Yeah.
Wait, so the improvement is all intermediate term? Exactly.
Short-term breath isn't moving.
It's the slower internals that are healing.
Oh, wow.
Huh.
And sentiment.
Here's the thing.
The 40 SMA sentiment flipped bullish.
You know what? Wait, really? While the headline still says bear? Honestly, that's the divergence worth flagging.
Okay, that's interesting.
And look at the 4% counts.
Bull 4% fell to 54 from 91.
Sure, sure.
But bare 4%, breakdowns, collapsed.
193 from 360.
Oh, man.
360 down to 193? In a single session.
The drop in breakdowns is the real signal, not the breakout number.
Okay, so quick regime check.
Where are reverses either been? Still bearish 4%, but improving day over day.
Improving how exactly? So the breath split is the tell.
The 40 SMA is up to 30.28% from 28.54% yesterday.
Right.
But the 20 SMA, flat, stuck at 17%.
Yeah.
Wait, so the improvement is all intermediate term? Exactly.
Short-term breath isn't moving.
It's the slower internals that are healing.
Oh, wow.
Huh.
And sentiment.
Here's the thing.
The 40 SMA sentiment flipped bullish.
You know what? Wait, really? While the headline still says bear? Honestly, that's the divergence worth flagging.
Okay, that's interesting.
And look at the 4% counts.
Bull 4% fell to 54 from 91.
Sure, sure.
But bare 4%, breakdowns, collapsed.
193 from 360.
Oh, man.
360 down to 193? In a single session.
The drop in breakdowns is the real signal, not the breakout number.
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