—

Market X-Ray · Toolbox 6 · Cross-Toolbox Scoring

Market Structure Alert Stack

Four toolboxes — Beta-Instability, Breadth-of-Breadth, Ratio-Quality and the Divergence Scanner — each raise their own alerts. On their own they're noise. This layer asks the only question that matters: do they agree? It clusters every alert by what it implies for the market and scores each cluster by how many independent tools confirm it — turning dozens of isolated signals into one ranked stack and a single Master Risk Score.

Master Market-Structure Risk 61 moderate
Top-priority signal Early recovery Regime: Leadership exhaustion

Updated daily · data as of 2026-11-06

Confirmed clusters 0 ≥2 toolboxes agree
Alert clusters 4 by market implication
Raw alerts 32 across all four tools
Dominant Early recovery top-priority implication

The stack — ranked, confirmed clusters

1
Early recovery bullish
61 moderate
BetaBreadthRatio-QualityDivergence 1/4 confirm · 5 alerts
  • Divergence85 XLK is weak over 21 days while IGV/XLK is improving (-23.1% gap) — a constructive (bullish) non-confirmation.
  • Divergence83 QQQ is weak over 21 days while QTOP/QNXT is improving (-22% gap) — a constructive (bullish) non-confirmation.
  • Divergence80 QQQ is weak over 21 days while QQQ/QQQE is improving (-16.8% gap) — a constructive (bullish) non-confirmation.
  • Divergence80 XLK is weak over 21 days while AIQ/XLK is improving (-20% gap) — a constructive (bullish) non-confirmation.
  • Divergence75 SPY is weak over 21 days while SPY/RSP is improving (-11.5% gap) — a constructive (bullish) non-confirmation.
2
Broadening participation bullish
58 moderate
BetaBreadthRatio-QualityDivergence 1/4 confirm · 7 alerts
  • Divergence89 QQQ is weak over 21 days while QQQE/QQQ is improving (-16.8% gap) — a constructive (bullish) non-confirmation.
  • Divergence89 QQQ is weak over 21 days while QNXT/QTOP is improving (-22% gap) — a constructive (bullish) non-confirmation.
  • Divergence85 SPY is weak over 21 days while RSP/SPY is improving (-11.5% gap) — a constructive (bullish) non-confirmation.
  • Divergence82 SPY is weak over 21 days while SPXT/SPY is improving (-11% gap) — a constructive (bullish) non-confirmation.
  • Divergence80 SPY is weak over 21 days while IWM/SPY is improving (-8.4% gap) — a constructive (bullish) non-confirmation.
  • Divergence76 SPY is weak over 21 days while XMAG/SPY is improving (-6.5% gap) — a constructive (bullish) non-confirmation.
  • Divergence75 SPY is weak over 21 days while MDY/SPY is improving (-8.6% gap) — a constructive (bullish) non-confirmation.
3
Narrowing participation bearish
57 moderate
BetaBreadthRatio-QualityDivergence 1/4 confirm · 5 alerts
  • Ratio-Quality100 Nasdaq Ex-Top-30 Breadth rising mainly because QTOP fell sharply — a mechanically misleading improvement.
  • Ratio-Quality100 Small-Cap Breadth rising mainly because SPY fell sharply — a mechanically misleading improvement.
  • Ratio-Quality100 Mid-Cap Breadth rising mainly because SPY fell sharply — a mechanically misleading improvement.
  • Ratio-Quality100 Semiconductor Leadership falling on SMH weakness — SMH dropping faster than XLK, a high-quality warning.
  • Ratio-Quality100 Micro-Cap Breadth falling on IWC weakness — IWC dropping faster than IWM, a high-quality warning.
4
Hidden fragility bearish
40 watch
BetaBreadthRatio-QualityDivergence 1/4 confirm · 15 alerts
  • Beta36 HYG/SPY: neutral — upside-beta collapse
  • Beta32 IWM/SPY: neutral — upside-beta collapse, negative beta asymmetry, early beta improvement, upside participation deteriorating (sharp)
  • Beta32 XMAG/SPY: fragile — upside-beta collapse, negative beta asymmetry, early beta improvement, upside participation deteriorating (sharp)
  • Beta30 IGV/XLK: neutral — beta-adjusted underperformance, upside participation deteriorating (sharp), downside-beta expansion (sharp)
  • Beta29 MDY/SPY: neutral — upside-beta collapse, negative beta asymmetry, upside participation deteriorating (sharp)
  • Beta28 XSD/SPY: fragile — downside-beta expansion, negative beta asymmetry, upside participation deteriorating (sharp), downside-beta expansion (sharp)
  • Beta25 XSD/QQQ: fragile — downside-beta expansion, negative beta asymmetry, upside participation deteriorating (sharp)
  • Beta22 QTOP/QQQ: fragile — downside-beta expansion, negative beta asymmetry
  • Beta21 RSP/SPY: neutral — upside-beta collapse, negative beta asymmetry, early beta improvement
  • Beta20 QNXT/QQQ: neutral — upside-beta collapse, negative beta asymmetry, early beta improvement, upside participation deteriorating (sharp)
  • Beta18 QQQE/QQQ: neutral — negative beta asymmetry, early beta improvement, upside participation deteriorating (sharp)
  • Beta9 SMH/XLK: fragile — upside-beta collapse, downside-beta expansion, negative beta asymmetry
  • Beta8 SMH/QQQ: fragile — downside-beta expansion, negative beta asymmetry, beta-adjusted underperformance, upside participation deteriorating (sharp)
  • Beta8 ARKK/QQQ: neutral — negative beta asymmetry, early beta improvement, upside participation deteriorating (sharp)
  • Beta6 SPXT/SPY: neutral — upside-beta collapse, negative beta asymmetry

How to read it

Every toolbox's alerts are normalised into one schema and mapped to a market implication (narrowing, risk-off, leadership exhaustion, hidden fragility, broadening…). Alerts that imply the same thing form a cluster, scored by the spec blend: base severity (0.25), toolbox confirmation (0.20, how many of the four agree), independence (0.15, distinct evidence types — price vs beta vs breadth vs credit), regime relevance (0.15), persistence (0.10), worsening (0.10) and importance (0.05). A cluster confirmed by three independent tools is a high-conviction read; one tool alone is a watch item. The Master Risk Score tracks the top cluster, lifted when several distinct bearish clusters fire at once.

For information and discussion only — a reading of market internals, not investment advice. Thresholds are uncalibrated pending the planned backtest. Built on Beta-Instability, Breadth-of-Breadth, Ratio-Quality and the Divergence Scanner.

FAQ · from the current data · as of 2026-11-06

Quick answers

What does the Market Structure Alert Stack show?

It fuses alerts from four independent Market X-Ray toolboxes — Beta-Instability, Breadth-of-Breadth, Ratio-Quality and the Divergence Scanner — into clusters by market implication, then scores each cluster by how many of the four tools confirm it. The result is one Master Market-Structure Risk Score and a ranked, de-duplicated alert stack.

What is the Master Market-Structure Risk Score right now?

As of 2026-11-06, the Master Market-Structure Risk Score is 61, labeled "moderate".

How many alert clusters are confirmed by multiple toolboxes?

As of 2026-11-06, 0 of 4 alert clusters are confirmed by two or more toolboxes, out of 32 raw alerts across all four tools.

How is a cluster’s score calculated?

Each cluster blends base severity (25%), toolbox confirmation (20%, how many of the four tools agree), independence of evidence (15%), regime relevance (15%), persistence (10%), worsening (10%) and importance (5%). A cluster confirmed by three independent tools reads as high-conviction; one tool alone is a watch item.