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 2026-07-31 · 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.
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)
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
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.
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 | DD-252 | d/high |
|---|---|---|---|---|---|---|---|---|
| RSP/SPY★S&P 500 Equal-Weight Breadth | strong broadening | +0.6% | +1.8% | -0.9% | +0.49 | 69 | -3.4% | 106 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | strong broadening | +1.9% | +3.8% | -3.1% | +0.95 | 87 | -2.5% | 2 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | strong broadening | +4.0% | +4.7% | -6.4% | +0.01 | 39 | -5.5% | 206 |
| XMAG/SPY★Ex-Mag-7 Breadth | failed recovery | -2.0% | +1.5% | -0.3% | +0.67 | 75 | -3.6% | 24 |
| SPXT/SPYEx-Tech S&P Breadth | moderate broadening | +1.1% | -1.3% | -2.8% | -0.82 | 24 | -5.8% | 106 |
| QQXT/QQQNasdaq Ex-Tech Breadth | moderate broadening | +7.1% | -2.1% | -16.7% | -0.91 | 23 | -16.9% | 250 |
| IWM/SPY★Small-Cap Breadth | failed recovery | -2.9% | +0.8% | +11.6% | +1.03 | 84 | -5.2% | 24 |
| MDY/SPYMid-Cap Breadth | failed recovery | -1.7% | -0.6% | +0.1% | +0.22 | 55 | -4.3% | 105 |
| VXF/SPYExtended-Market Breadth | failed recovery | -3.7% | +0.5% | +0.9% | +0.28 | 60 | -4.7% | 24 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -3.7% | +0.0% | +9.2% | +0.44 | 58 | -3.7% | 21 |
| HYG/LQD★Credit Breadth | strong broadening | +1.9% | +1.7% | +3.0% | +2.69 | 100 | +0.0% | 0 |
| SPHB/SPLV★High-Beta Breadth | moderate narrowing | -9.5% | +1.1% | +26.1% | +0.84 | 78 | -14.4% | 28 |
| XLY/XLPConsumer Risk Breadth | moderate narrowing | -3.7% | -3.3% | -3.5% | -0.93 | 23 | -15.9% | 185 |
| XLI/XLUCyclical Breadth | moderate broadening | -1.0% | +8.4% | +12.0% | +1.70 | 98 | -1.0% | 19 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +1.3% | +14.5% | +17.4% | +1.87 | 100 | +0.0% | 0 |
| IWO/IWNSmall Growth Breadth | strong narrowing | -5.0% | -3.5% | -8.3% | -1.67 | 6 | -11.0% | 186 |
| IWF/IWDLarge Growth vs Value | washout | -6.9% | -9.1% | -16.9% | -2.15 | 2 | -22.4% | 188 |
Tech-internal leadership (measured separately — concentration, not market breadth)
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | moderate narrowing | -9.9% | +10.9% | +34.7% | +1.26 | 79 |
| SMH/XLKSemiconductor Leadership | failed recovery | -7.8% | -3.1% | +37.4% | +0.89 | 74 |
| IGV/XLKSoftware Participation | moderate broadening | +7.3% | +2.4% | -37.0% | -0.98 | 27 |
| FDN/XLKInternet Participation | moderate broadening | +7.9% | -5.2% | -23.8% | -1.03 | 22 |
| AIQ/XLKAI Participation | strong narrowing | -2.0% | -4.3% | -1.3% | -2.27 | 4 |
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.