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 0 structural proxies for the rotation underneath. Together they catch a narrow bull while the index still looks fine.
Updated daily · data as of loading… · 0 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 (3625 names, incl. international + AI): 55% above 200d, median +6.6% YTD.
Rotation & concentration (relative-ratio diffusion)
Headline check — S&P 500 not 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 |
|---|---|---|---|---|---|---|---|---|
| Ratio detail loads on the next refresh. | ||||||||
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.
FAQ · from the current data
Quick answers
What does Breadth-of-Breadth measure?
It reads participation two ways: the absolute tape (of the roughly 500 S&P 500 names, how many are above their moving averages, making new highs vs lows, positive on the year) and a relative-ratio diffusion index across roughly 16 structural proxies for the rotation underneath. Together they catch a narrow bull even while the index looks fine.
What is the current breadth verdict for the S&P 500?
The broad-market breadth verdict refreshes after each US close; see the verdict panel above for the current read.
What is the Breadth-of-Breadth Score right now?
The Breadth-of-Breadth Score refreshes after each US close; see the score panel above for the current reading.
How many structural ratios does Breadth-of-Breadth track?
The diffusion index tracks roughly 16 structural ratios; see the full-detail table above for the current count.