SITREP #007 · WEEKLY SITUATION REPORT · 24–30 AUG 2026
The Complex That Drove the Rebound Left
Overnight notional fell 26.4 percent to $18.89B, and three-venue notional to $22.40B. Memory ran a series-high 33.9 percent of the tape two weeks ago and a nine-week-low 21.3 percent this week. It happened during the week Nvidia and Marvell reported.
00BLUF
SITREP #006 opened by saying the contraction had lasted exactly one week. So did the rebound. BlueOcean overnight notional ran $18.89B against $25.67B the week prior, down 26.4 percent. Across all three venues the total fell from $30.49B to $22.40B.
The more interesting number sits underneath the total. On the basket pinned in #005, memory printed 33.9 percent of BlueOcean notional in the week to August 21, the highest share in the 45-week series. This week it printed 21.3 percent, the lowest in nine weeks. That is the largest one-week fall in the series. The wider semis complex went with it, 56.7 percent to 47.7 percent, also a nine-week low and below half for only the second time since June.
It happened in the week the complex had its two largest catalysts. Nvidia reported Wednesday. Marvell reported Thursday. The overnight tape got less concentrated in semiconductors during the week semiconductors were the entire story.
//The Stack
Five layers of market plumbing, and where each one stands this week. Click any layer for the detail.
01The Tape Left Too
BlueOcean ran five sessions this week. The night running into Nvidia's Wednesday print was the second-lightest of the week; the night after it, the first with the numbers public, came in 65 percent higher.
Three venues, week over week
BlueOcean $25.67B to $18.89B. Bruce Markets $4.31B to $3.25B. Moon ATS $505M to $271M. Combined, $30.49B to $22.40B, down 26.5 percent. Every venue contracted together; none of the fall is concentrated in one book.
The names underneath
| Symbol | Name | Week notional | Median TD | Note |
|---|---|---|---|---|
| SOXL | Direxion Semis 3x | $1.73B | -20.7 bps | Leveraged wrapper |
| SNDK | SanDisk | $1.62B | -40.2 bps | Memory, #1 on the tape in #006 |
| MU | Micron | $1.55B | +5.2 bps | Memory |
| NVDA | Nvidia | $1.07B | +35.3 bps | Reported Aug 26 |
| QQQ | Nasdaq 100 | $919M | -4.6 bps | Index |
| SKHY | SK hynix | $544M | -52.8 bps | Korea memory |
| SOXS | Direxion Semis -3x | $535M | +30.9 bps | Leveraged wrapper |
| KORU | Direxion Korea 3x | $456M | -58.0 bps | Leveraged wrapper |
| MRVL | Marvell | $418M | +2.6 bps | Reported Aug 27 |
| TQQQ | ProShares QQQ 3x | $384M | -12.7 bps | Leveraged wrapper |
SanDisk carried $3.93B for the week in #006, the single largest symbol on the tape. This week it printed $1.62B, down 59 percent, and it was no longer the largest name. The complex did not move as one: Nvidia carried the only meaningfully positive median timing differential among the large semis and memory names at +35.3 basis points, while SK hynix ran -52.8 and the leveraged Korea wrapper -58.0. Three of the ten largest names on the tape were leveraged wrappers rather than operating companies.
Monday is the one session where breadth and the reference gap pull apart, 46.4 percent against 35.9 percent, the tape being marked back at the bell. Every other session moved in the same direction on both measures.
02Memory's Round Trip
Two weeks ago memory was the largest share of the overnight tape recorded in 45 weeks of data. It is now the lowest in nine. Nothing in between was gradual.
One caution on that comparison. These are not all-time lows. The series runs back to September 2025, when the complex was a tenth of the tape rather than half, and memory ran under one percent. What is unusual here is the speed, not the level.
03Moon Goes Dark, Repeatedly
SITREP #006 recorded Moon ATS printing zero notional across zero symbols on Friday, August 21, the first confirmed zero session in our series. It has now happened three times in six trading nights.
| Session | Moon notional | Symbols |
|---|---|---|
| FRI 21 | zero | zero |
| MON 24 | $113M | 145 |
| TUE 25 | $99M | 132 |
| WED 26 | zero | zero |
| THU 27 | zero | zero |
| FRI 28 | $58M | 124 |
The venue is not gone. It printed $113M across 145 symbols on Monday and returned at $58M across 124 symbols on Friday. But two consecutive dark sessions in the middle of the week, on the two nights carrying the week's largest catalysts, is a different pattern from a single missed night. We report this as observed venue behaviour in our own pipeline. We have no statement from the operator and are not inferring a cause.
04An Empty Window
No Form ATS-N filings of any kind were made between August 24 and August 30. Verified three ways rather than asserted: EDGAR full-text search returns exactly one ATS-N family filing across August 14 to 31, the IntelligentCross ATS-N/MA of August 17 that SITREP #006 already covered. The submissions API confirms the most recent ATS-N filings for Level Markets, PureStream and Admiral Securities all date to August 13. Nothing has been filed since. The previous window carried one filing. This one carries none.
05Forward Calendar
- The August employment situation lands Friday, September 4. Ahead of it, July job openings, August ADP employment and the ISM manufacturing survey publish Tuesday, September 1, followed by the Fed Beige Book Wednesday and jobless claims plus ISM services Thursday.
- The week of August 31 is a full five-session week. Labor Day falls the following Monday, September 7, so the shortened week is the one after this one.
- Broadcom reports in the same week, and it is the test of this week's finding. If the semis share of the overnight tape is falling because the complex has stopped being the marginal overnight story, a large semiconductor print should not move it back. If it does, this week was a two-name lull around Nvidia and Marvell rather than a rotation.
- Does Moon print through a full week? Three dark sessions in six is now the pattern to watch, not a single incident.
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Sources
- Sapinover three-venue overnight pipeline (BlueOcean, Bruce Markets, Moon ATS). BlueOcean figures computed from BlueOcean_Master_Historical.parquet, GitHub Release
pipeline-data, covering 2025-09-02 through 2026-08-28, breadth and reference-gap measures on complete rows only. Three-venue totals re-derived from venue_overview.json in the same release. - Semis basket as pinned in SITREP #005: memory (MU, SNDK, SKHY, DRAM) plus SOXL, SOXS, AMD, NVDA, INTC, MRVL, KORU, EWY. Every overlapping week matches the published series, and nine-week comparisons are measured against the full 45-week series.
- SEC EDGAR full-text search (efts.sec.gov) and the EDGAR submissions API (data.sec.gov), queried directly for Form ATS-N filings August 14 through 31, 2026.
- Forward calendar: BLS release schedule for the August 2026 Employment Situation and July 2026 JOLTS; Broadcom, Dell and Palo Alto Networks earnings dates per company disclosure, as of August 30.
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.