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 2026-11-10 · 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 (6164 names, incl. international + AI): 52% above 200d, median +8.2% 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 | +7.5% | +3.0% | +5.9% | +1.60 | 93 | -1.0% | 177 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | strong broadening | +5.3% | +0.3% | +3.1% | +1.31 | 93 | -2.2% | 73 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | strong broadening | +10.8% | +3.2% | +1.9% | +1.12 | 90 | -2.1% | 3 |
| XMAG/SPY★Ex-Mag-7 Breadth | moderate broadening | +2.6% | -0.4% | +2.9% | +0.76 | 75 | -3.3% | 95 |
| SPXT/SPYEx-Tech S&P Breadth | strong broadening | +6.2% | +3.9% | +0.4% | +0.38 | 59 | -4.1% | 177 |
| QQXT/QQQNasdaq Ex-Tech Breadth | strong broadening | +15.2% | +6.3% | -4.1% | +0.18 | 54 | -12.1% | 156 |
| IWM/SPY★Small-Cap Breadth | moderate broadening | +4.8% | -4.5% | +3.8% | -0.39 | 34 | -9.0% | 95 |
| MDY/SPYMid-Cap Breadth | moderate broadening | +5.2% | -2.1% | +2.1% | -0.30 | 40 | -6.0% | 176 |
| VXF/SPYExtended-Market Breadth | moderate broadening | +3.0% | -4.1% | -0.3% | -0.62 | 26 | -6.8% | 95 |
| IWC/IWMMicro-Cap Breadth | strong narrowing | -3.7% | -4.0% | +2.0% | -1.73 | 6 | -6.2% | 35 |
| HYG/LQD★Credit Breadth | moderate narrowing | -1.3% | -0.7% | +3.6% | +0.91 | 74 | -1.7% | 31 |
| SPHB/SPLV★High-Beta Breadth | failed recovery | -17.4% | -13.8% | +7.1% | -0.57 | 39 | -21.8% | 26 |
| XLY/XLPConsumer Risk Breadth | moderate narrowing | -0.0% | -4.5% | -15.1% | -0.96 | 14 | -16.8% | 212 |
| XLI/XLUCyclical Breadth | moderate narrowing | -5.0% | -9.4% | +11.0% | -0.10 | 43 | -10.5% | 32 |
| KBE/XLUFinancial Risk Breadth | recovery attempt | +0.3% | -5.9% | +18.6% | +0.62 | 69 | -7.7% | 32 |
| IWO/IWNSmall Growth Breadth | strong narrowing | -1.7% | -5.4% | -10.8% | -1.58 | 6 | -11.2% | 251 |
| IWF/IWDLarge Growth vs Value | washout | -13.0% | -10.3% | -25.6% | -2.53 | 1 | -26.7% | 251 |
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 | -18.1% | -12.3% | +12.4% | -0.02 | 48 |
| SMH/XLKSemiconductor Leadership | failed recovery | -4.9% | -7.6% | +18.3% | -0.28 | 32 |
| IGV/XLKSoftware Participation | strong broadening | +4.8% | +8.7% | -22.2% | +0.09 | 66 |
| FDN/XLKInternet Participation | moderate broadening | +4.2% | +2.7% | -16.6% | -0.36 | 49 |
| AIQ/XLKAI Participation | moderate broadening | +3.0% | +2.3% | -2.1% | -0.27 | 36 |
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 2026-11-10
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 2026-11-10, the S&P 500 breadth verdict is "Broad" — 68% of names are above their 200-day average and the median stock is +13.9% year-to-date.
What is the Breadth-of-Breadth Score right now?
As of 2026-11-10, the Breadth-of-Breadth Score is 55 out of 100, reading as "Mixed participation".
How many structural ratios does Breadth-of-Breadth track?
As of 2026-11-10, the diffusion index tracks 17 structural ratios (of which 7 are core, confirmation-weighted).