Market Structure · 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 2026-06-16 · 17 ratios live
Related Beta Instability — the up/down-beta read on the same pairs →
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 (2000 names, incl. international + AI): 60% above 200d, median +6.9% YTD.
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 has expanded rapidly across market-structure proxies — a transition from narrow toward broader risk appetite.
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 | +3.7% | -3.1% | -4.3% | -0.51 | 33 | -5.2% | 75 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +3.9% | -2.2% | -8.1% | -0.76 | 23 | -8.2% | 251 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +6.0% | -5.0% | -12.8% | -1.09 | 15 | -12.8% | 237 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +3.8% | +0.5% | -1.8% | +1.05 | 81 | -1.6% | 250 |
| SPXT/SPYEx-Tech S&P Breadth | moderate narrowing | +0.2% | -5.8% | -6.8% | -1.92 | 7 | -7.3% | 75 |
| QQXT/QQQNasdaq Ex-Tech Breadth | washout | -0.7% | -18.2% | -26.2% | -2.35 | 5 | -25.7% | 248 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +3.9% | +4.4% | +11.4% | +1.54 | 97 | -1.2% | 2 |
| MDY/SPYMid-Cap Breadth | moderate broadening | +3.8% | -0.1% | +0.4% | +0.53 | 69 | -3.5% | 74 |
| VXF/SPYExtended-Market Breadth | strong broadening | +4.9% | +2.4% | +2.7% | +1.19 | 92 | -1.2% | 100 |
| IWC/IWMMicro-Cap Breadth | moderate narrowing | -1.7% | -0.7% | +9.9% | +0.68 | 68 | -2.8% | 11 |
| HYG/LQD★Credit Breadth | failed recovery | -0.3% | +0.8% | +1.0% | +1.25 | 90 | -0.9% | 19 |
| SPHB/SPLV★High-Beta Breadth | strong broadening | +6.6% | +27.5% | +60.0% | +2.24 | 98 | -4.7% | 10 |
| XLY/XLPConsumer Risk Breadth | moderate broadening | +0.5% | +3.2% | +3.8% | -0.66 | 31 | -14.3% | 154 |
| XLI/XLUCyclical Breadth | strong broadening | +2.2% | +12.5% | +12.3% | +1.97 | 98 | -0.5% | 88 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +4.9% | +19.3% | +13.3% | +1.22 | 91 | -5.2% | 89 |
| IWO/IWNSmall Growth Breadth | moderate broadening | +0.1% | +3.4% | -3.0% | -0.25 | 33 | -6.3% | 155 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -4.9% | -0.9% | -6.3% | -1.36 | 14 | -15.8% | 156 |
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | strong broadening | +9.2% | +44.6% | +56.5% | +2.87 | 98 |
| SMH/XLKSemiconductor Leadership | strong broadening | +4.7% | +16.0% | +53.3% | +1.81 | 99 |
| IGV/XLKSoftware Participation | strong narrowing | -5.9% | -20.1% | -45.1% | -1.90 | 1 |
| FDN/XLKInternet Participation | washout | -4.6% | -17.3% | -32.1% | -2.24 | 2 |
| AIQ/XLKAI Participation | moderate narrowing | +0.1% | -2.5% | -0.7% | -0.68 | 23 |
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.