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 2026-06-10 · 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 (1998 names, incl. international + AI): 57% above 200d, median +4.7% 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 | +3.2% | -1.9% | -4.0% | -0.24 | 46 | -4.6% | 71 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +3.2% | -1.6% | -8.4% | -0.77 | 23 | -8.6% | 250 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +6.4% | -4.5% | -12.6% | -1.08 | 14 | -13.0% | 250 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +3.2% | +1.1% | -1.6% | +1.05 | 82 | -1.7% | 248 |
| SPXT/SPYEx-Tech S&P Breadth | moderate narrowing | +0.7% | -5.0% | -6.5% | -1.71 | 9 | -6.7% | 71 |
| QQXT/QQQNasdaq Ex-Tech Breadth | washout | +3.3% | -15.3% | -23.7% | -2.00 | 9 | -23.5% | 251 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +0.7% | +3.9% | +9.2% | +1.50 | 97 | -0.8% | 96 |
| MDY/SPYMid-Cap Breadth | strong broadening | +1.6% | +0.3% | -0.7% | +0.57 | 70 | -3.5% | 70 |
| VXF/SPYExtended-Market Breadth | strong broadening | +2.4% | +2.4% | +0.9% | +1.02 | 87 | -1.5% | 96 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -2.2% | -2.3% | +8.3% | +0.60 | 63 | -3.2% | 7 |
| HYG/LQD★Credit Breadth | strong broadening | +0.2% | +0.8% | +0.7% | +1.49 | 95 | -0.7% | 15 |
| SPHB/SPLV★High-Beta Breadth | moderate broadening | -3.6% | +17.7% | +46.5% | +1.61 | 92 | -11.6% | 6 |
| XLY/XLPConsumer Risk Breadth | strong narrowing | -7.3% | -2.0% | -0.7% | -1.36 | 8 | -17.8% | 150 |
| XLI/XLUCyclical Breadth | moderate broadening | -0.6% | +4.6% | +5.8% | +1.26 | 88 | -3.9% | 84 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +6.4% | +16.6% | +9.8% | +1.37 | 95 | -4.7% | 85 |
| IWO/IWNSmall Growth Breadth | failed recovery | -1.9% | +1.3% | -5.5% | -0.79 | 24 | -7.8% | 151 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -3.4% | -2.2% | -6.1% | -1.40 | 12 | -15.8% | 153 |
Tech-internal leadership (measured separately — concentration, not market breadth)
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | moderate broadening | -0.1% | +37.0% | +46.5% | +2.49 | 95 |
| SMH/XLKSemiconductor Leadership | moderate broadening | -0.2% | +13.0% | +50.3% | +1.72 | 97 |
| IGV/XLKSoftware Participation | recovery attempt | +1.7% | -15.2% | -41.8% | -1.67 | 5 |
| FDN/XLKInternet Participation | washout | +0.4% | -15.0% | -31.9% | -2.14 | 4 |
| AIQ/XLKAI Participation | failed recovery | -1.7% | -2.4% | -1.1% | -0.57 | 26 |
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.