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 2026-06-05 · 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 (1556 names, incl. international + AI): 60% above 200d, median +6.8% 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 | recovery attempt | +0.9% | -4.2% | -5.0% | -0.70 | 27 | -5.5% | 68 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +1.8% | -3.1% | -8.5% | -0.86 | 19 | -8.8% | 247 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +4.6% | -6.1% | -11.5% | -0.97 | 15 | -12.5% | 247 |
| XMAG/SPY★Ex-Mag-7 Breadth | moderate broadening | +1.3% | -0.9% | -3.0% | +0.14 | 59 | -3.2% | 251 |
| SPXT/SPYEx-Tech S&P Breadth | strong narrowing | -2.0% | -6.5% | -7.1% | -2.12 | 5 | -7.4% | 68 |
| QQXT/QQQNasdaq Ex-Tech Breadth | washout | -2.1% | -18.3% | -25.1% | -2.21 | 8 | -25.3% | 251 |
| IWM/SPY★Small-Cap Breadth | failed recovery | -2.3% | +2.2% | +9.1% | +1.01 | 77 | -2.6% | 93 |
| MDY/SPYMid-Cap Breadth | moderate narrowing | -1.4% | -1.3% | -1.5% | +0.06 | 49 | -4.7% | 67 |
| VXF/SPYExtended-Market Breadth | moderate broadening | -0.7% | +1.1% | +0.6% | +0.24 | 54 | -2.5% | 93 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -2.0% | -0.9% | +9.7% | +0.72 | 69 | -2.8% | 4 |
| HYG/LQD★Credit Breadth | strong broadening | +0.2% | +1.8% | +1.1% | +1.45 | 93 | -0.7% | 12 |
| SPHB/SPLV★High-Beta Breadth | strong broadening | +1.3% | +24.9% | +54.5% | +1.94 | 96 | -8.8% | 3 |
| XLY/XLPConsumer Risk Breadth | failed recovery | -3.3% | +2.8% | +3.3% | -0.73 | 28 | -14.8% | 147 |
| XLI/XLUCyclical Breadth | strong broadening | +1.5% | +7.6% | +8.9% | +1.75 | 96 | -2.1% | 81 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +2.1% | +13.4% | +10.1% | +0.94 | 80 | -7.1% | 82 |
| IWO/IWNSmall Growth Breadth | moderate broadening | -0.5% | +3.7% | -4.6% | -0.49 | 28 | -6.9% | 148 |
| IWF/IWDLarge Growth vs Value | failed recovery | -0.6% | +0.8% | -4.6% | -1.04 | 20 | -14.1% | 150 |
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 | +7.9% | +43.6% | +52.1% | +2.77 | 97 |
| SMH/XLKSemiconductor Leadership | moderate broadening | -2.3% | +13.9% | +48.2% | +1.60 | 93 |
| IGV/XLKSoftware Participation | recovery attempt | +2.9% | -17.1% | -40.3% | -1.58 | 8 |
| FDN/XLKInternet Participation | washout | -4.0% | -16.1% | -30.9% | -2.09 | 5 |
| AIQ/XLKAI Participation | failed recovery | -2.2% | -3.2% | -1.1% | -0.69 | 23 |
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.