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 2026-09-18 · 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 | 1.12 | 1.50 | 1.66 | 1.69 |
| down β | 3.16 | 2.28 | 2.02 | 1.97 |
Equal-weight semis vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.45 | 1.85 | 1.78 | 1.89 |
| down β | 3.11 | 2.64 | 2.42 | 2.17 |
Equal-weight semis vs market
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.93 | 3.97 | 2.75 | 2.72 |
| down β | -0.71 | 2.38 | 2.53 | 2.35 |
Small-cap participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.46 | 0.58 | 0.99 | 1.11 |
| down β | 0.92 | 0.60 | 0.97 | 1.10 |
S&P 500 equal-weight participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.65 | 0.28 | 0.59 | 0.63 |
| down β | 1.14 | 0.56 | 0.69 | 0.76 |
Credit confirmation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.25 | 0.14 | 0.24 | 0.26 |
| down β | 0.56 | 0.17 | 0.21 | 0.19 |
Speculative-growth appetite
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 2.41 | 1.43 | 1.38 | 1.37 |
| down β | 1.44 | 1.15 | 1.30 | 1.45 |
Want a specific name? Open the X-Ray Directory → — search, sort and open any of 3615 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.
FAQ · from the current data · as of 2026-09-18
It measures market participation and fragility beneath the index price by splitting each pair’s returns into up-day and down-day beta. Upside beta shows participation in rallies, downside beta shows vulnerability in selloffs, and asymmetry (up minus down) shows whether an asset captures more upside than downside. It covers the key structure pairs and the full names universe in the Closelook indices, recomputed daily after the US close.
As of 2026-09-18, the read vs the S&P 500 is "30% losing upside participation, 32% gaining downside fragility" and vs the Nasdaq-100 is "36% losing upside participation, 25% gaining downside fragility".
As of 2026-09-18, the X-Ray directory covers 3615 names, ETFs and sector members scored against SPY and Nasdaq-100.
As of 2026-09-18, the Breadth-of-Breadth score is 29 out of 100, reading as "Breadth deterioration".