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Week in Review — April 21–25, 2026 YTD Scoreboard: S&P 500: +4.2% Nasdaq Composite: +6.1% Russell 2000 (IWM): +9.8% Small caps continue to lead. That’s worth paying attention to. The Week The most important development this week was the first breadth flip since 3/31. The breadth figures I track — the ones that dictate my short-term swing trading approach — closed below the 5-day moving average. This is the first arrow across the bow that says hey, slow down a little. This does not mean go short. It means be careful with new buys. You can usually give it until [...]

What a week. The NASDAQ has printed 13 consecutive up days, the longest winning streak since 1992. The SP500 made a new all-time high in 11 days after falling 5-10%, marking the first time since 1928. The V-rally is alive and doing well. You hesitate, you lose. Breadth is now at nosebleed levels that more than likely lead to a small pause rather than further upside. Below is a two-year chart. When the junk rallies on press releases and name changes, it tells you exactly where we are: short sellers are trapped, and animal spirits are running. Allbirds — the [...]

We started the week red, but by Monday’s close, we had some positive breadth divergences. Tuesday morning, I had a pretty good idea of how this was going to play out. I’ve seen it a million times. The PLAYBOOK: The indices are in a downtrend. All the short-term moving averages are above price. Then, suddenly, we gap up, hold the daily VWAP, close near the highs, and stay above the short-term moving averages. The 5-day period is the most important one. Then a day later, we get a gap down that finds support right at the 5-day. This is EXACTLY [...]

If yesterday's rip-roaring rally wasn't enough and you were not entertained, then----- Tonight, Trump addresses the nation on Iran. Here are the scenarios, what I'd assign to each, and how futures likely react: 60% — Declare victory, take the exit ramp. Graham, Rubio, Levin, Trump — all pivoting to “deal” at the same time. That’s not a coincidence, that’s coordination. Rubio dropping regime change and Hormuz from objectives is the tell. They’re narrowing the win conditions so they can say “mission accomplished” and leave. ES reaction: +50 to +100 pts. Risk-on rip. Oil dumps. 20% — One more strike. Hormuz [...]

The S&P 500 just posted its fifth straight losing week. The VIX is above 31. Breadth has collapsed. And most people are still debating whether to "buy the dip." Let me save you time: this isn't a dip. This is a market telling you loudly that the rules have changed. “The Market Told You — You Just Didn’t Listen” Go back and look at the timeline. February 1 — Silver had a historic blow-off top Early February — 14 of the top 20 winners were single-stock inverse ETFs Late February — The indexes lied. Individual stocks told the truth. February [...]

Market Structure Breadth above 5-day and 10-day MA, but not chasing longs on triples — individual stocks offer better setups Gap-up/gap-down pattern continues: opens get faded in both directions SPY, QQQ, and IWM are all essentially flat from open to close SPY is still below the 10/21/50/63/200-day moving averages, only above the 5-day. IWM is relatively strongest — above 10-day and 200-day. SMH above 10/21/200-day Inverse ETFs showing rounding bottoms supported by 10-day MA ZOR’s Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

• Umbrella top still in place. • Best set-ups are still the inverse etf's.• Breadth is now above the 5-day, but I just don't trust it.• Rounding Bottoms.• Replacing index shorts with individual stock shorts.• And when to change your mind.

Six weeks. Same call. Breadth red. Structure broken. Posture defensive. Monday gave us a ray of light — breadth briefly cleared the 5-day. The hopium crowd came alive. I wasn't convinced. The best-looking charts in the market were still the inverse ETFs. $SPXS. $SOXS. $TZA. $LABD. When the best setups are bets against the market, that tells you everything. By midweek it was confirmed. Stocks respecting resistance. Can't buy the breakouts. Can't short the breakdowns. Choppy, broken tape. Where do we go from here? The market is going to trade, it will go up and down. But as of today, [...]

The week ended the same way it started. Defense was the name of the game. Swing posture: RISK OFF all week. Breadth: NO across the board. The market is choppy, indecisive, and respecting resistance. You can’t buy the breakouts or short the breakdowns. Sell the rips, buy the dips intraday — that’s been the only play. $680 has been a line in the sand for $SPY. Every time we traded below it, a bid showed up out of nowhere and pulled us back above — until Friday. On Friday, we got a decisive break and closed below $680. Drones — [...]

The indices are near highs, but trading underneath the surface has been rough. Breakouts fail. Shorts don’t follow through. Violent rotation. ZOR’s Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. In this video, I cover: • Why this feels like a 2015-style “umbrella top.” • The shift to wider macro stops • Key SPY / QQQ levels • My exact scan process • How I narrowed 6,000 stocks down to 7 Watch the video below. https://youtu.be/ufJsKtU2D40?si=CABD-er96u5RNNsA   Want to See This Analysis Every Morning? I publish the [...]