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 2026-07-10 · 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 (2713 names, incl. international + AI): 61% above 200d, median +6.6% YTD.
Rotation & concentration (relative-ratio diffusion)
Headline check — S&P 500 above a rising 50-day average, Nasdaq-100 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 | moderate broadening | +0.1% | -2.4% | -3.6% | -0.21 | 44 | -4.7% | 91 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +0.9% | -0.3% | -6.8% | -0.40 | 33 | -6.5% | 251 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate narrowing | -1.1% | -3.0% | -13.5% | -1.36 | 12 | -13.0% | 251 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +0.7% | +0.2% | -0.7% | +1.12 | 86 | -3.0% | 9 |
| SPXT/SPYEx-Tech S&P Breadth | moderate narrowing | +0.0% | -5.8% | -5.2% | -1.59 | 11 | -7.2% | 91 |
| QQXT/QQQNasdaq Ex-Tech Breadth | strong narrowing | -1.3% | -16.0% | -23.1% | -1.84 | 11 | -23.3% | 242 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +1.4% | +1.7% | +9.3% | +1.35 | 93 | -4.7% | 9 |
| MDY/SPYMid-Cap Breadth | failed recovery | -1.2% | -3.7% | -1.9% | +0.01 | 48 | -4.8% | 90 |
| VXF/SPYExtended-Market Breadth | strong broadening | +0.6% | +1.2% | +1.0% | +1.05 | 89 | -3.5% | 9 |
| IWC/IWMMicro-Cap Breadth | strong broadening | +2.9% | +1.7% | +10.7% | +1.36 | 96 | -1.3% | 6 |
| HYG/LQD★Credit Breadth | strong broadening | +1.1% | +1.6% | +1.9% | +2.44 | 100 | +0.0% | 0 |
| SPHB/SPLV★High-Beta Breadth | moderate broadening | +0.1% | +20.2% | +40.1% | +1.63 | 90 | -7.9% | 13 |
| XLY/XLPConsumer Risk Breadth | moderate broadening | +0.7% | +2.6% | +0.9% | -0.66 | 30 | -14.2% | 170 |
| XLI/XLUCyclical Breadth | moderate broadening | -0.1% | +9.3% | +7.8% | +1.64 | 94 | -2.2% | 4 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +2.2% | +12.1% | +5.8% | +1.50 | 96 | -2.9% | 105 |
| IWO/IWNSmall Growth Breadth | moderate narrowing | -0.1% | +4.7% | -2.6% | -0.49 | 29 | -7.1% | 171 |
| IWF/IWDLarge Growth vs Value | moderate narrowing | -2.2% | +0.5% | -9.2% | -1.41 | 9 | -17.1% | 173 |
Tech-internal leadership (measured separately — concentration, not market breadth)
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | strong broadening | +3.3% | +41.4% | +46.8% | +2.08 | 93 |
| SMH/XLKSemiconductor Leadership | strong broadening | +0.5% | +8.5% | +48.2% | +1.49 | 94 |
| IGV/XLKSoftware Participation | strong narrowing | -3.4% | -7.9% | -42.7% | -1.55 | 6 |
| FDN/XLKInternet Participation | recovery attempt | +0.3% | -14.0% | -29.3% | -1.64 | 10 |
| AIQ/XLKAI Participation | strong narrowing | -2.4% | -1.8% | +0.1% | -1.68 | 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.