Tool · Breadth · as of 2026-05-09
Breadth tracker
What this is warning you about first. only 47% of S&P 500 names trade above their 200-day moving average versus 62% a month ago. Cap-weighted indices riding on a handful of names are fragile indices; broadening would require either a rotation in leadership or a mean-reversion. Neither shows up in the cross-sectional data this month.
% > 50d SMA
41%
▼ 9 pp MoM · P22 (10y)
% > 200d SMA
47%
▼ 15 pp MoM · P28 (10y)
New 52w highs
32
▼ 50% MoM
Cap-vs-equal YTD
+4.2 pp
Top-heavy index
S&P 500 breadth
Percent above moving average
Above 50d SMA
▼ 9.0 pp
Above 200d SMA
▼ 15.0 pp
Per-row breadth diagnostics
| Indicator | Value | Δ | MoM | 10y %ile |
|---|---|---|---|---|
| % S&P 500 above 50d SMA | 41.0% | ▼ | -9.0 | P22 |
| % S&P 500 above 200d SMA | 47.0% | ▼ | -15.0 | P28 |
| Advance-decline line slope (5d) | -0.34 | ▼ | -0.4 | P18 |
| Cap-weight − equal-weight YTD | +4.2 pp | ▲ | +1.1 | P86 |
| Top-10 cap concentration share | 36.4% | ▲ | +0.6 | P94 |
| New 52-week highs (count) | 32 | ▼ | -32.0 | P19 |
Breadth is a leading-but-noisy indicator. Pair this surface with credit spreads and earnings revisions before drawing portfolio conclusions; one signal in isolation is not a decision.
See the full open data catalog for every dataset behind the research stack.
Frequently asked questions
- Is breadth a leading or coincident indicator?
- Leading-but-noisy. Narrowing leads drawdowns more often than not, but the lead time has historically ranged from six weeks to nine months. One signal in isolation is not a portfolio decision.
- Why both 50d and 200d?
- Two timeframes catch two different regimes. The 50d reading reflects participation in the trailing two-month tape; the 200d filters short-term noise and reads the longer-cycle health.
- What is the cap-vs-equal YTD spread?
- The S&P 500 cap-weight minus the equal-weight YTD return, expressed in percentage points. A wide positive spread means a small number of large names are carrying the index — i.e. fragile breadth.
- Is mega-cap concentration a sell signal on its own?
- No. High concentration coincides with strong returns historically until it does not, and the inflection is unforecastable from the concentration metric alone. Combine it with revisions and credit, which is what the regime scorecard does.