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 2026-07-16 · 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 (2715 names, incl. international + AI): 62% above 200d, median +6.9% YTD.
Rotation & concentration (relative-ratio diffusion)
Headline check — S&P 500 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 | +1.7% | +0.5% | -1.6% | +0.24 | 60 | -3.9% | 95 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | strong broadening | +1.7% | +2.3% | -4.7% | +0.06 | 48 | -5.6% | 247 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +0.7% | -0.2% | -10.8% | -1.08 | 16 | -11.0% | 247 |
| XMAG/SPY★Ex-Mag-7 Breadth | failed recovery | -1.1% | +0.8% | -1.1% | +0.33 | 64 | -4.1% | 13 |
| SPXT/SPYEx-Tech S&P Breadth | moderate broadening | +2.7% | -2.9% | -3.5% | -0.95 | 19 | -5.9% | 95 |
| QQXT/QQQNasdaq Ex-Tech Breadth | moderate broadening | +7.1% | -8.9% | -18.7% | -1.30 | 19 | -20.2% | 246 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +0.6% | +2.3% | +11.9% | +1.42 | 94 | -4.3% | 13 |
| MDY/SPYMid-Cap Breadth | moderate broadening | +0.0% | -0.8% | +0.6% | +0.42 | 64 | -3.8% | 94 |
| VXF/SPYExtended-Market Breadth | moderate broadening | -0.2% | +1.0% | +2.1% | +0.89 | 86 | -3.8% | 13 |
| IWC/IWMMicro-Cap Breadth | recovery attempt | +0.4% | -0.1% | +8.9% | +0.87 | 83 | -2.7% | 10 |
| HYG/LQD★Credit Breadth | strong broadening | +1.2% | +1.8% | +1.5% | +2.38 | 99 | -0.1% | 3 |
| SPHB/SPLV★High-Beta Breadth | failed recovery | -10.7% | +6.6% | +31.1% | +1.05 | 81 | -13.2% | 17 |
| XLY/XLPConsumer Risk Breadth | failed recovery | -1.9% | -6.7% | -2.0% | -0.99 | 21 | -15.8% | 174 |
| XLI/XLUCyclical Breadth | moderate broadening | -1.2% | +6.1% | +6.8% | +1.37 | 89 | -3.3% | 8 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +6.0% | +13.8% | +12.5% | +2.02 | 100 | +0.0% | 0 |
| IWO/IWNSmall Growth Breadth | strong narrowing | -5.3% | -2.6% | -6.5% | -1.72 | 6 | -10.6% | 175 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -4.8% | -7.4% | -13.3% | -1.91 | 1 | -19.8% | 177 |
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 | -10.6% | +24.8% | +36.8% | +1.51 | 84 |
| SMH/XLKSemiconductor Leadership | failed recovery | -5.1% | +6.2% | +41.8% | +1.26 | 85 |
| IGV/XLKSoftware Participation | moderate broadening | +9.1% | -4.5% | -37.9% | -1.20 | 18 |
| FDN/XLKInternet Participation | moderate broadening | +8.6% | -10.8% | -25.7% | -1.31 | 18 |
| AIQ/XLKAI Participation | strong narrowing | -3.8% | -4.9% | -2.0% | -2.92 | 0 |
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.