Charles Schwab's Joe Mazzola discusses the moves happening under the surface of the S&P 500 (SPX) and Nasdaq-100 (NDX) as market breadth improves at the cost of tech. As institutional investors appear to use the S&P as a hedging strategy in options, Joe notes that activity does not suggest fear being price into market moves once midterm elections end. Michelle Gibley turns to the international front by explaining why European stocks are outperforming the U.S. even as sentiment plunges. China is also attempting to set the floor in its bear market.