Semiconductor leadership vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.95 | 1.76 | 1.76 | 1.73 |
| down β | 1.45 | 1.96 | 1.95 | 1.92 |
Market Structure · Beta Instability
The chart can be fine while participation breaks down underneath. The X-Ray measures it directly — upside beta (on up-days), downside beta (on down-days), asymmetry and instability — across the key structure pairs and 343 names in our indices. Detecting the rotation before price makes it obvious.
Updated daily · data as of 2026-07-31 · Participation fragile — fragility rising beneath the surface
Latest read The Generals Have Followed Their Troops — the breadth warning becomes price confirmation →
Each pair, decomposed on up-days and down-days separately. These are the published "Troops Leaving Before the Generals" set — now confirmed by price in "The Generals Have Followed Their Troops".
Semiconductor leadership vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.95 | 1.76 | 1.76 | 1.73 |
| down β | 1.45 | 1.96 | 1.95 | 1.92 |
Equal-weight semis vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 2.38 | 1.87 | 1.81 | 1.94 |
| down β | 2.25 | 2.29 | 2.23 | 2.12 |
Equal-weight semis vs market
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 7.18 | 3.76 | 2.69 | 2.69 |
| down β | 1.08 | 2.25 | 2.37 | 2.35 |
Small-cap participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.87 | 0.74 | 1.03 | 1.27 |
| down β | 0.31 | 0.93 | 1.06 | 1.12 |
S&P 500 equal-weight participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | -0.52 | 0.28 | 0.60 | 0.69 |
| down β | 0.52 | 0.74 | 0.80 | 0.76 |
Credit confirmation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.10 | 0.19 | 0.25 | 0.28 |
| down β | 0.22 | 0.18 | 0.21 | 0.18 |
Speculative-growth appetite
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.81 | 1.44 | 1.49 | 1.38 |
| down β | 1.53 | 1.21 | 1.26 | 1.45 |
Want a specific name? Open the X-Ray Directory → — search, sort and open any of 2769 names on the full toolbox vs SPY & Nasdaq.
For each pair (asset vs benchmark), returns are split into the benchmark's up-days and down-days. Upside β is participation in rallies; downside β is vulnerability in selloffs; asymmetry (up − down) and the participation ratio (up ÷ down) say whether an asset captures more upside than downside. Read across 21 / 63 / 126 / 252 days: a sharp drop at the short horizon while the long looks fine is the early warning.
For information and discussion only — a reading of market internals, not investment advice. Scores are relative and descriptive. Cross-read with the Money Temperature regime.