Next Day Prep #306: Cautious on the Surface, Cracking Underneath – Thursday 8/20/2026

Episode summary

The regime label held at Cautious all day, but 20-day breadth nearly halved intraday and every major index closed at session lows. The team breaks down which names showed real conviction — Deere, Micron, GM — versus the guidance-driven collapses in Walmart, AAP, and MRNA, then sets up bull and bear playbooks around tomorrow’s flash PMI.