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 2026-06-12 · 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 (1999 names, incl. international + AI): 59% above 200d, median +6.2% 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 | +4.4% | -2.2% | -3.7% | -0.13 | 48 | -4.4% | 73 |
| QQQE/QQQ★Nasdaq-100 Equal-Weight Breadth | moderate broadening | +4.7% | -1.4% | -8.2% | -0.61 | 27 | -8.1% | 251 |
| QNXT/QTOP★Nasdaq Ex-Top-30 Breadth | moderate broadening | +7.1% | -5.3% | -13.6% | -1.23 | 12 | -13.6% | 251 |
| XMAG/SPY★Ex-Mag-7 Breadth | strong broadening | +4.6% | +1.2% | -1.0% | +1.53 | 92 | -1.1% | 250 |
| SPXT/SPYEx-Tech S&P Breadth | strong narrowing | -0.5% | -6.0% | -7.1% | -2.03 | 5 | -7.4% | 73 |
| QQXT/QQQNasdaq Ex-Tech Breadth | washout | +1.2% | -17.7% | -25.3% | -2.27 | 6 | -25.3% | 250 |
| IWM/SPY★Small-Cap Breadth | strong broadening | +3.7% | +6.0% | +11.1% | +1.92 | 100 | +0.0% | 0 |
| MDY/SPYMid-Cap Breadth | strong broadening | +4.0% | +1.4% | +0.7% | +0.96 | 84 | -2.5% | 72 |
| VXF/SPYExtended-Market Breadth | strong broadening | +4.8% | +3.9% | +2.4% | +1.84 | 98 | -0.3% | 98 |
| IWC/IWMMicro-Cap Breadth | failed recovery | -2.2% | -0.5% | +9.6% | +0.79 | 74 | -2.5% | 9 |
| HYG/LQD★Credit Breadth | failed recovery | -0.2% | +0.5% | +0.8% | +1.25 | 89 | -0.9% | 17 |
| SPHB/SPLV★High-Beta Breadth | strong broadening | +3.4% | +27.9% | +53.8% | +2.09 | 97 | -6.6% | 8 |
| XLY/XLPConsumer Risk Breadth | moderate narrowing | -3.0% | +3.5% | +1.1% | -0.97 | 23 | -15.9% | 152 |
| XLI/XLUCyclical Breadth | strong broadening | +1.8% | +12.4% | +9.3% | +1.82 | 96 | -1.4% | 86 |
| KBE/XLUFinancial Risk Breadth | strong broadening | +8.7% | +21.9% | +11.5% | +1.58 | 96 | -3.4% | 87 |
| IWO/IWNSmall Growth Breadth | moderate broadening | -1.3% | +2.9% | -4.5% | -0.58 | 27 | -7.2% | 153 |
| IWF/IWDLarge Growth vs Value | strong narrowing | -5.2% | -1.8% | -7.3% | -1.62 | 6 | -16.9% | 155 |
Tech-internal leadership (measured separately — concentration, not market breadth)
| Ratio | State | 21d | 63d | 252d | z-252 | %ile-252 |
|---|---|---|---|---|---|---|
| QTEC/QQXTNasdaq Tech vs Ex-Tech | strong broadening | +6.9% | +45.6% | +53.0% | +2.88 | 98 |
| SMH/XLKSemiconductor Leadership | strong broadening | +3.6% | +18.3% | +53.5% | +1.96 | 100 |
| IGV/XLKSoftware Participation | strong narrowing | -2.0% | -20.3% | -44.6% | -1.94 | 0 |
| FDN/XLKInternet Participation | washout | -4.4% | -18.6% | -34.0% | -2.45 | 1 |
| AIQ/XLKAI Participation | moderate narrowing | -1.4% | -2.1% | -1.5% | -0.76 | 23 |
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.