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 2026-07-28 · 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 (2766 names, incl. international + AI): 63% above 200d, median +7.7% 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 | +1.8% | +4.3% | +0.3% | +1.48 | 92 | -1.4% | 103 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | strong broadening | +2.6% | +5.8% | -2.6% | +1.60 | 96 | -2.3% | 250 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | strong broadening | +3.9% | +7.5% | -5.2% | +0.51 | 64 | -5.0% | 250 |
| XMAG/SPY★Ex-Mag-7 Breadth | moderate broadening | -2.3% | +3.4% | +0.8% | +1.60 | 95 | -2.3% | 21 |
| SPXT/SPYEx-Tech S&P Breadth | moderate broadening | +0.9% | -0.2% | -2.9% | -0.55 | 25 | -5.2% | 103 |
| QQXT/QQQNasdaq Ex-Tech Breadth | moderate broadening | +8.0% | +0.6% | -15.6% | -0.59 | 25 | -15.0% | 251 |
| IWM/SPY★Small-Cap Breadth | moderate broadening | -3.7% | +2.2% | +12.4% | +1.48 | 95 | -3.7% | 21 |
| MDY/SPYMid-Cap Breadth | moderate broadening | -1.9% | +0.6% | +1.4% | +0.93 | 81 | -2.5% | 102 |
| VXF/SPYExtended-Market Breadth | moderate broadening | -3.3% | +1.5% | +1.9% | +1.14 | 90 | -3.3% | 21 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -0.8% | -0.4% | +7.2% | +0.50 | 61 | -3.6% | 18 |
| HYG/LQD★Credit Breadth | strong broadening | +2.1% | +1.3% | +2.1% | +2.25 | 97 | -0.3% | 2 |
| SPHB/SPLV★High-Beta Breadth | moderate narrowing | -10.4% | -2.7% | +24.8% | +0.59 | 73 | -16.9% | 25 |
| XLY/XLPConsumer Risk Breadth | strong narrowing | -4.3% | -10.2% | -8.2% | -1.89 | 0 | -20.4% | 182 |
| XLI/XLUCyclical Breadth | strong broadening | +2.2% | +6.9% | +7.7% | +1.52 | 94 | -2.1% | 16 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +4.3% | +10.7% | +12.6% | +1.66 | 97 | -1.5% | 8 |
| IWO/IWNSmall Growth Breadth | washout | -5.4% | -3.9% | -7.7% | -2.05 | 1 | -11.9% | 183 |
| IWF/IWDLarge Growth vs Value | washout | -5.8% | -12.5% | -17.4% | -2.52 | 0 | -23.7% | 185 |
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 | -10.8% | +8.6% | +32.7% | +1.04 | 78 |
| SMH/XLKSemiconductor Leadership | failed recovery | -8.3% | -1.9% | +40.8% | +0.94 | 74 |
| IGV/XLKSoftware Participation | moderate broadening | +10.2% | +0.7% | -38.0% | -1.03 | 25 |
| FDN/XLKInternet Participation | moderate broadening | +9.9% | -4.3% | -25.0% | -1.05 | 22 |
| AIQ/XLKAI Participation | strong narrowing | -4.0% | -3.1% | -2.5% | -2.54 | 3 |
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.