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 2026-10-30 · 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 (6135 names, incl. international + AI): 49% above 200d, median +6.1% 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 |
|---|---|---|---|---|---|---|---|---|
| RSP/SPY★S&P 500 Equal-Weight Breadth | strong broadening | +5.6% | +0.9% | +6.0% | +0.82 | 78 | -2.9% | 170 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +3.6% | -0.5% | +3.1% | +0.68 | 73 | -3.5% | 66 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | strong broadening | +8.5% | +1.5% | +0.7% | +0.45 | 58 | -4.4% | 179 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +1.8% | +0.9% | +4.0% | +0.61 | 70 | -3.6% | 88 |
| SPXT/SPYEx-Tech S&P Breadth | moderate broadening | +4.3% | -1.0% | -0.4% | -0.58 | 37 | -6.9% | 170 |
| QQXT/QQQNasdaq Ex-Tech Breadth | moderate broadening | +12.5% | +0.6% | -5.6% | -0.34 | 45 | -16.0% | 149 |
| IWM/SPY★Small-Cap Breadth | recovery attempt | +1.2% | -5.5% | +2.9% | -0.71 | 27 | -10.1% | 88 |
| MDY/SPYMid-Cap Breadth | moderate broadening | +1.9% | -3.4% | +2.2% | -0.88 | 23 | -7.8% | 169 |
| VXF/SPYExtended-Market Breadth | strong narrowing | -0.1% | -4.0% | -1.2% | -1.27 | 13 | -8.1% | 88 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -3.9% | -2.1% | +1.3% | -0.92 | 15 | -5.0% | 28 |
| HYG/LQD★Credit Breadth | failed recovery | -1.5% | -0.5% | +4.3% | +0.84 | 73 | -1.8% | 24 |
| SPHB/SPLV★High-Beta Breadth | failed recovery | -17.2% | -5.0% | +7.3% | -0.09 | 48 | -18.1% | 19 |
| XLY/XLPConsumer Risk Breadth | strong narrowing | -4.7% | -7.8% | -18.9% | -1.51 | 2 | -20.9% | 249 |
| XLI/XLUCyclical Breadth | failed recovery | -9.3% | -7.1% | +10.1% | -0.07 | 43 | -10.6% | 25 |
| KBE/XLUFinancial Risk Breadth | failed recovery | -5.7% | -5.0% | +20.1% | +0.54 | 67 | -8.6% | 25 |
| IWO/IWNSmall Growth Breadth | strong narrowing | -3.5% | -3.0% | -12.8% | -1.82 | 2 | -13.2% | 250 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -10.2% | -4.6% | -25.1% | -1.98 | 0 | -24.8% | 249 |
Tech-internal leadership (measured separately — concentration, not market breadth)
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | failed recovery | -16.1% | -2.9% | +17.2% | +0.46 | 52 |
| SMH/XLKSemiconductor Leadership | failed recovery | -6.8% | -5.1% | +19.8% | -0.05 | 38 |
| IGV/XLKSoftware Participation | moderate broadening | +6.2% | +6.0% | -23.7% | -0.12 | 56 |
| FDN/XLKInternet Participation | recovery attempt | +1.4% | -6.8% | -21.4% | -1.10 | 14 |
| AIQ/XLKAI Participation | recovery attempt | +0.9% | -1.6% | -5.1% | -1.65 | 8 |
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 · as of 2026-10-30
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?
As of 2026-10-30, the S&P 500 breadth verdict is "Broad" — 62% of names are above their 200-day average and the median stock is +11.3% year-to-date.
What is the Breadth-of-Breadth Score right now?
As of 2026-10-30, the Breadth-of-Breadth Score is 44 out of 100, reading as "Mixed participation".
How many structural ratios does Breadth-of-Breadth track?
As of 2026-10-30, the diffusion index tracks 17 structural ratios (of which 7 are core, confirmation-weighted).