SITREP #005 · WEEKLY SITUATION REPORT · 10–16 AUG 2026

The Overnight Tape Halved While the Indices Held

Overnight ATS notional fell 57 percent in two weeks against an index tape that finished roughly flat. The semiconductor concentration that defined the summer fell with it. And on two of five sessions, the overnight bid did not carry into the opening print.

Sapinover Intelligence · Sunday, August 16, 2026 · Overnight figures computed from the three-venue pipeline; BlueOcean components verified against the master parquet.

00BLUF

//The Stack

Five layers of market plumbing, and where each one stands this week. Click any layer for the detail.

01The Tape Thinned

Three-venue overnight activity across BlueOcean, Bruce Markets and Moon ATS totaled $18.9B for the week. Monday was the heaviest session at $4.53B, Tuesday the lightest at $3.11B in a session thinned by Tokyo's Mountain Day holiday. The venue hierarchy did not change: BlueOcean carried the dominant share every night, Bruce ran a consistent second, and Moon participated in all five sessions.

The eight-week view is where the contraction is legible. Weekly notional has fallen from $37.80B to $16.15B since July 31, and the semiconductor share has rolled over for a fourth consecutive week.

The names underneath

Strip out the geared ETFs and wrappers and the single-name tape is narrower still. Two memory names, Micron and SanDisk, carried $2.85B between them, more than the entire three-venue Bruce and Moon contribution for the week. Nothing else cleared $310M.

Two details are worth pulling out. Intel is the only name in the group with a materially negative median timing differential at -81.6 basis points, meaning the overnight session consistently printed above where the name subsequently opened. And the optical pair, Lumentum and Coherent, split: Lumentum at +70.1 basis points against Coherent at -34.4, inside the same sub-sector in the same week.

The heaviest single-name decline of the week landed on Friday. Applied Materials printed $44.2M on the August 14 overnight session at 5.04 percent below its prior close, its largest overnight session of the week and the widest single-name downward move among the names above.

02The Bid That Did Not Carry

Two measures of overnight direction usually track each other. The first is how many names traded above their prior close during the overnight session itself. The second is how many actually opened above it the next morning. This week they came apart.

Monday and Thursday are the sessions that matter. A 23.4 point gap on Monday means roughly one symbol in four that was bid overnight had given the bid back by the opening print. Wednesday and Friday, by contrast, converged almost exactly.

Overnight positioning and opening price discovery are different mechanisms, run by different participants. Most weeks that distinction is academic. This week it was worth 23 points.

The honest read is that a thinner overnight tape carries less information into the regular session. When notional halves, the marginal overnight print is set by a smaller and less representative set of participants, and the opening auction is correspondingly less obliged to respect it. That is a hypothesis the next few weeks will test, not a conclusion this week can support on its own.

03Two Venues, Opposite Moves

While the tape thinned, two top-15 venues filed structural amendments eight days apart, expanding along different axes.

PureStream went deeper. Its August 13 Material Amendment moves Liquidity Maker classification from the subscriber to the operator. The acronym LMSP survives but its meaning changes: what was a subscriber-tagged Liquidity Maker Sub-Pool becomes an operator-classified Liquidity Maker Supplemental Pool sitting beneath a newly defined Primary Pool, with market makers and principal trading firms named as a subscriber type for the first time.

OneChronos went wider. Its August 5 Updating Amendment confirms the Early Trading Session, 7:00 to 9:30 a.m. ET, is live and pre-launch testing has concluded. The venue now runs combinatorial auctions in the thinner pre-market.

Both changes required a Material Amendment. What differs is where each venue sits in that cycle, one closing a change out and one starting it. The full filing analysis, including an eight-week FINRA volume comparison, is in Two Venues, Opposite Moves.

04What We Published

Four reports since SITREP #004, three of them on ETF and venue structure.

05Forward Calendar

• Does the tape stabilize? Two consecutive weeks of contraction, with notional now at less than half the July 31 peak. A third would make this a regime rather than a summer lull.
• Does the semis share hold under 50 percent? The eight-week series has never closed a week below half until now. Watch whether memory keeps giving back share.
• Does the overnight bid start carrying again? If the gap between the overnight indication and the opening print stays wide on a thin tape, that is a structural finding rather than a one-week artifact.
• BABA and DE report August 20. Alibaba is the read on Chinese technology and cloud demand; Deere is a capital expenditure signal from outside the compute complex.

06Get SITREP

SITREP goes out Sunday evenings. The daily intelligence briefs run seven times a weekday around the global session handoffs. Both are free to subscribe to, and you can pick which ones you want below.

SITREP is a weekly situation report on market structure, published Sundays. Overnight notional figures reflect Sapinover's three-venue pipeline and are not comparable to full-market consolidated volume. This analysis is for information only and is not investment advice, a recommendation, or a solicitation. For methodology see the support page.