2026-07-28 · Quiet Tape, Firming Breadth Before the Fed
A second cautious session ahead of the Fed masked broad measures actually firming into the decision, while the single most stretched name in the scan carried no fresh earnings catalyst yet, pure pre-print extension.
The Signal
A second mixed session on the eve of the Fed: the Dow outperformed again while the Nasdaq fell on a chip selloff, extending Monday's rotation out of semiconductors into cyclicals and defensives. Volume stayed light as desks avoided new risk ahead of tomorrow's decision and the Microsoft and Meta prints landing the same evening.
The Noise
The slow…
The skinny
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