2026-08-12 · Records Up Top, Distribution Underneath
The index closed at fresh records again, but the confluence board flagged one of its most lopsided bearish readings of the year, with quiet accumulation showing up only in a couple of beaten-down defensive names.
The Signal
Stocks pushed to fresh records again, with the S&P and Nasdaq both closing at all-time highs while the Dow sat essentially flat. The lift came from a cooling but still-sticky inflation report, July prices landing almost exactly as expected, and from a narrow slice of the market: a couple of AI infrastructure names posted big earnings-driven rallies that dragged the Nasdaq…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.