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 2026-06-04 · Participation fragile — fragility rising beneath the surface
Each pair, decomposed on up-days and down-days separately. These are the published "Troops Leaving Before the Generals" set.
Semiconductor leadership vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 2.03 | 1.73 | 1.79 | 1.62 |
| down β | 2.13 | 1.76 | 1.87 | 1.73 |
Equal-weight semis vs Nasdaq
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.51 | 1.71 | 1.80 | 1.81 |
| down β | 1.69 | 2.03 | 1.69 | 1.76 |
Equal-weight semis vs market
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.75 | 1.94 | 2.11 | 2.27 |
| down β | -1.55 | 2.07 | 1.83 | 2.26 |
Small-cap participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.23 | 1.16 | 1.23 | 1.45 |
| down β | 1.49 | 1.21 | 1.10 | 1.22 |
S&P 500 equal-weight participation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.42 | 0.75 | 0.75 | 0.81 |
| down β | 0.98 | 0.80 | 0.81 | 0.79 |
Credit confirmation
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 0.38 | 0.29 | 0.28 | 0.29 |
| down β | 0.37 | 0.30 | 0.23 | 0.19 |
Speculative-growth appetite
| horizon | 21d | 63d | 126d | 252d |
|---|---|---|---|---|
| up β | 1.16 | 1.49 | 1.52 | 1.53 |
| down β | 2.38 | 1.76 | 1.76 | 1.93 |
Want a specific name? Open the X-Ray Directory → — search, sort and open any of 377 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.