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 2026-08-07 · 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 (2725 names, incl. international + AI): 68% above 200d, median +9.6% 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 | moderate broadening | +0.2% | +2.4% | -1.0% | -0.03 | 52 | -4.5% | 111 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | strong broadening | +1.2% | +4.3% | -2.2% | +0.53 | 67 | -3.4% | 7 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +2.1% | +4.8% | -5.3% | -0.49 | 30 | -7.3% | 211 |
| XMAG/SPY★Ex-Mag-7 Breadth | failed recovery | -1.2% | +2.6% | +0.2% | +0.46 | 69 | -3.9% | 29 |
| SPXT/SPYEx-Tech S&P Breadth | strong narrowing | -0.6% | -2.0% | -4.7% | -1.66 | 5 | -7.8% | 111 |
| QQXT/QQQNasdaq Ex-Tech Breadth | moderate broadening | +3.8% | +0.8% | -17.9% | -1.19 | 22 | -18.4% | 241 |
| IWM/SPY★Small-Cap Breadth | failed recovery | -1.4% | +1.1% | +11.8% | +1.01 | 84 | -5.2% | 29 |
| MDY/SPYMid-Cap Breadth | moderate narrowing | -0.1% | -0.2% | +1.4% | +0.14 | 53 | -4.4% | 110 |
| VXF/SPYExtended-Market Breadth | failed recovery | -1.0% | +2.2% | +2.7% | +0.95 | 87 | -3.5% | 29 |
| IWC/IWMMicro-Cap Breadth | moderate broadening | -0.4% | +1.4% | +10.7% | +1.32 | 95 | -1.3% | 26 |
| HYG/LQD★Credit Breadth | strong broadening | +1.0% | +2.0% | +3.6% | +2.43 | 99 | -0.1% | 5 |
| SPHB/SPLV★High-Beta Breadth | failed recovery | -2.3% | +1.8% | +38.5% | +1.32 | 86 | -9.5% | 33 |
| XLY/XLPConsumer Risk Breadth | moderate broadening | +0.3% | -1.8% | +0.9% | -0.41 | 40 | -13.3% | 190 |
| XLI/XLUCyclical Breadth | strong broadening | +5.8% | +9.7% | +18.7% | +2.40 | 99 | -0.5% | 2 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +6.0% | +12.8% | +22.2% | +2.06 | 99 | -1.3% | 2 |
| IWO/IWNSmall Growth Breadth | moderate narrowing | -2.3% | -1.1% | -5.6% | -0.64 | 29 | -8.1% | 191 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -3.3% | -8.8% | -16.0% | -1.61 | 6 | -20.2% | 193 |
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 | -5.2% | +5.6% | +41.9% | +1.44 | 84 |
| SMH/XLKSemiconductor Leadership | failed recovery | -5.5% | -2.7% | +41.9% | +0.90 | 75 |
| IGV/XLKSoftware Participation | moderate broadening | +7.9% | +1.9% | -36.1% | -0.88 | 30 |
| FDN/XLKInternet Participation | moderate broadening | +3.5% | -3.3% | -26.5% | -1.14 | 21 |
| AIQ/XLKAI Participation | strong narrowing | -2.1% | -4.8% | -1.1% | -2.04 | 6 |
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 2026-08-07
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 2026-08-07, the S&P 500 breadth verdict is "Broad" — 74% of names are above their 200-day average and the median stock is +11.2% year-to-date.
What is the Breadth-of-Breadth Score right now?
As of 2026-08-07, 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 2026-08-07, the diffusion index tracks 17 structural ratios (of which 7 are core, confirmation-weighted).