Market Structure · Breadth-of-Breadth

Breadth-of-Breadth

How broad is the bull? We read it two ways. First the absolute tape — of the ~500 S&P 500 names, how many are above their moving averages, making new highs vs lows, positive on the year. Then a relative-ratio diffusion index across 17 structural proxies for the rotation underneath. Together they catch a narrow bull while the index still looks fine.

Updated daily · data as of 2026-08-03 · 17 ratios live

Related Beta Instability — the up/down-beta read on the same pairs →

Broad-market participation (S&P 500, stock-level)

The relative ratios further down read rotation; this reads the tape directly — of the ~500 S&P 500 names, how many actually participate. A bull can be narrow even with the index near highs.

Breadth verdict Broad median S&P stock +10.8% YTD · 9/11 sectors positive
Above 200d MA69%
Above 50d MA64%
52w highs − lows4 − 3
Positive YTD69%
Energy +35.0% 20 50 200
Information Technology +22.1% 20 50 200
Industrials +16.6% 20 50 200
Real Estate +13.4% 20 50 200
Materials +12.1% 20 50 200
Consumer Staples +10.9% 20 50 200
Health Care +5.9% 20 50 200
Utilities +5.3% 20 50 200
Financials +4.9% 20 50 200
Consumer Discretionary -2.4% 20 50 200
Communication Services -7.5% 20 50 200

MA chips = price above its 20/50/200-day average. Green-200 but red-20 = a leader rolling over; green across = a laggard firming — that's the rotation. Our full universe (2765 names, incl. international + AI): 63% above 200d, median +7.2% YTD.

Rotation & concentration (relative-ratio diffusion)

Breadth-of-Breadth Score 52/ 100 Mixed participation
Trenddeteriorating
21-day change-16 pts
5-day change-13 pts
Diffusion index+0.08

Headline check — S&P 500 above a rising 50-day average, Nasdaq-100 not above a rising 50-day average. Participation broadly tracks the indices.

Participation grid

Ratios above 50-day MA 53% Mixed
Ratios with positive 63-day momentum 59% Mixed
Median 63-day ratio momentum +0.9% Positive
Median 252-day z-score +0.28 Slightly +
Core confirmation score 57% Mixed
Above 20/50/100/200d MA: 53% · 53% · 59% · 65% Positive 5/21/63/126d ROC: 47% · 41% · 59% · 65%

Breadth ratios — full detail

Every structural proxy, decomposed. State classifies each ratio's participation trend; the diffusion index weights them by importance. Core ratios (★) drive the confirmation score.

RatioState21d63d252dz-252%ile-252DD-252d/high
RSP/SPYS&P 500 Equal-Weight Breadth moderate broadening -0.7% +1.9% -0.8% +0.28 61 -3.8% 107
QQQE/QQQNasdaq-100 Equal-Weight Breadth strong broadening +0.5% +3.5% -2.5% +0.71 77 -3.0% 3
QNXT/QTOPNasdaq Ex-Top-30 Breadth moderate broadening +0.6% +3.3% -6.3% -0.43 30 -7.0% 207
XMAG/SPYEx-Mag-7 Breadth failed recovery -2.5% +0.9% -0.3% +0.08 57 -4.4% 25
SPXT/SPYEx-Tech S&P Breadth moderate narrowing -0.0% -1.8% -3.0% -0.90 21 -6.0% 107
QQXT/QQQNasdaq Ex-Tech Breadth moderate broadening +2.8% -1.8% -16.8% -1.02 22 -17.7% 251
IWM/SPYSmall-Cap Breadth failed recovery -2.1% +0.9% +12.6% +1.10 86 -4.9% 25
MDY/SPYMid-Cap Breadth failed recovery -1.7% -0.6% +0.6% +0.10 52 -4.5% 106
VXF/SPYExtended-Market Breadth failed recovery -2.8% +0.7% +1.5% +0.50 70 -4.3% 25
IWC/IWMMicro-Cap Breadth failed recovery -1.9% -0.0% +9.5% +0.82 83 -2.7% 22
HYG/LQDCredit Breadth strong broadening +1.9% +1.7% +2.9% +2.62 100 -0.0% 1
SPHB/SPLVHigh-Beta Breadth moderate narrowing -2.5% +2.7% +30.7% +1.07 81 -12.2% 29
XLY/XLPConsumer Risk Breadth moderate broadening +1.1% -1.7% -1.6% -0.59 34 -14.2% 186
XLI/XLUCyclical Breadth strong broadening +2.7% +10.7% +14.6% +2.03 100 +0.0% 0
KBE/XLUFinancial Risk Breadth strong broadening +6.0% +15.4% +20.7% +2.04 100 +0.0% 0
IWO/IWNSmall Growth Breadth strong narrowing -3.6% -3.4% -8.0% -1.48 9 -10.5% 187
IWF/IWDLarge Growth vs Value strong narrowing -3.1% -8.8% -16.7% -1.94 3 -21.5% 189

Tech-internal leadership (measured separately — concentration, not market breadth)

RatioState21d63d252dz-252%ile-252
QTEC/QQXTNasdaq Tech vs Ex-Tech moderate narrowing -4.5% +9.6% +36.8% +1.31 81
SMH/XLKSemiconductor Leadership failed recovery -6.6% -2.8% +39.1% +0.84 73
IGV/XLKSoftware Participation moderate broadening +5.6% +2.1% -35.9% -0.90 29
FDN/XLKInternet Participation moderate broadening +7.4% -3.5% -24.2% -0.91 23
AIQ/XLKAI Participation strong narrowing -0.7% -3.2% -0.2% -1.59 9

How to read it

Each ratio (numerator ÷ denominator, adjusted close) gets a full work-up — trend vs its 20/50/100/200-day averages, momentum over 5/21/63/126/252 days, a log z-score, percentile rank and relative drawdown — and is classified into a participation state. The diffusion index weights each ratio's state by importance; the composite score (0–100) blends the share above their 50-day average, the share with positive quarterly momentum, the diffusion, the median z and the core-ratio confirmation. Hidden breadth weakness fires when SPY/QQQ are positive but the score is weak — participation not confirming the tape.

For information and discussion only — a reading of market internals, not investment advice. Scores are relative and descriptive, on uncalibrated thresholds. Cross-read with Beta Instability, the Money Temperature regime and Cointegration.