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 2026-06-26 · 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 (2747 names, incl. international + AI): 59% above 200d, median +5.8% YTD.
Rotation & concentration (relative-ratio diffusion)
Headline check — S&P 500 not 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 | +4.5% | -2.5% | -1.6% | +0.48 | 64 | -3.2% | 82 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +4.5% | -1.9% | -5.8% | -0.03 | 46 | -6.4% | 248 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +6.7% | -4.6% | -10.3% | -0.71 | 21 | -11.6% | 244 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +5.9% | +2.4% | +2.2% | +3.28 | 100 | +0.0% | 0 |
| SPXT/SPYEx-Tech S&P Breadth | moderate broadening | +1.9% | -5.1% | -4.4% | -1.16 | 14 | -6.1% | 82 |
| QQXT/QQQNasdaq Ex-Tech Breadth | recovery attempt | +2.6% | -18.3% | -22.2% | -1.84 | 12 | -23.4% | 248 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +6.3% | +7.2% | +17.7% | +2.83 | 100 | +0.0% | 0 |
| MDY/SPYMid-Cap Breadth | strong broadening | +5.5% | +0.2% | +3.9% | +1.71 | 97 | -0.6% | 81 |
| VXF/SPYExtended-Market Breadth | strong broadening | +6.3% | +4.3% | +6.7% | +3.67 | 100 | +0.0% | 0 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -1.6% | +0.4% | +10.0% | +0.94 | 86 | -1.9% | 18 |
| HYG/LQD★Credit Breadth | moderate narrowing | -0.8% | -0.0% | +0.3% | +0.53 | 67 | -1.5% | 26 |
| SPHB/SPLV★High-Beta Breadth | moderate broadening | -0.2% | +23.9% | +47.3% | +1.84 | 93 | -7.2% | 4 |
| XLY/XLPConsumer Risk Breadth | failed recovery | -6.5% | +0.2% | -0.3% | -1.20 | 14 | -16.8% | 161 |
| XLI/XLUCyclical Breadth | strong broadening | +1.2% | +9.8% | +8.2% | +1.35 | 90 | -3.5% | 4 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +5.0% | +13.5% | +8.7% | +1.20 | 92 | -5.0% | 96 |
| IWO/IWNSmall Growth Breadth | failed recovery | -1.1% | +5.6% | -4.0% | -0.43 | 29 | -6.9% | 162 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -7.4% | -1.5% | -10.7% | -1.97 | 1 | -19.1% | 164 |
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 | +3.1% | +45.6% | +47.1% | +2.35 | 94 |
| SMH/XLKSemiconductor Leadership | strong broadening | +4.5% | +17.3% | +52.7% | +1.82 | 98 |
| IGV/XLKSoftware Participation | strong narrowing | -3.6% | -19.2% | -43.9% | -1.78 | 3 |
| FDN/XLKInternet Participation | washout | -4.2% | -19.2% | -32.0% | -2.17 | 3 |
| AIQ/XLKAI Participation | failed recovery | -1.3% | -0.6% | +0.6% | -0.40 | 31 |
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.