Market breadth today · to the close of Oct 16, 2026
See the market beneath the index
Is the stock market healthy, weakening, or showing the warning signs that have come before tops? Bear Rhythm reads 14 breadth indicators across thousands of US stocks after every close and answers in three numbers, each with its evidence one click away.
Market health
36/100 · Soft
Unchanged from a week ago. 0 bullish, 8 neutral, 3 bearish of the 11 indicators in the score.
How the health score works and how it has done →Market top risk
45/100 · Watch
Down 32 from a week ago. Some early warning signs, not yet in agreement.
What drives it and how it has done →Divergence monitor
Diverging
0 of 5 confirming
SPY is near its highs, but 5 of 5 breadth families are not confirming.
The five breadth families, day by day →What the data is telling us
Breadth is softening: more indicators are weakening than strengthening. The index is near its highs while participation narrows: 5 of 5 breadth families are not confirming, a pattern that has come before several tops and also many times when nothing followed. Some early warning signs of a top are present, but they do not yet agree. These readings describe conditions, not a forecast.
Readings as of the close of Oct 16, 2026, updated after every trading day.
Two different lenses on market risk
Top risk asks whether several warning signs that have come before market tops are building up at once: six components, weighted into one score. Divergence asks whether the broad market is confirming the index’s strength: five breadth families either confirm SPY’s new highs or fail to. They complement each other, and neither predicts an exact turning point.
Why Bear Rhythm?
Most market headlines tell you where the S&P 500 closed. Bear Rhythm looks underneath the index, at participation, leadership and emerging risk across thousands of stocks, to show whether a move has broad support.
- Market healthHow healthy is the market beneath the headline index?
- Top riskIs the evidence of a market top building?
- DivergenceAre the stocks underneath confirming the index’s highs?
Every reading comes with its exact rule, its history since 2017, its misses and false alarms, and a live record that is never changed afterwards. How it works.
What changed this week
The market health score is 36, unchanged from a week ago.
Top risk is 45 (watch), lower than a week ago.
- Weakened: Hindenburg Omen, neutral to bearish
- Improved: Valuation, bearish to neutral
Stock breadth
Counted from every US stock over $5, each trading day.Hindenburg Omen
2.7% of stocks at 52-week highs, 2.9% at lows. Last fired Oct 13, 2026.
BearishAdvance-decline line
The line is below its 50-day average.
BearishMcClellan Oscillator
Oscillator at −3.
NeutralStocks above their 200-day average
51% of stocks above their 200-day average, 34% above the 50-day.
NeutralNew highs minus new lows
Highs minus lows: +0.1% of stocks (10-day average).
NeutralZweig breadth thrust
Breadth average 0.47. Last thrust Apr 24, 2025.
Neutral90% up and down days
Last 90% down day: Dec 18, 2024. Last 90% up day: Apr 22, 2025.
NeutralEqual weight against SPY
Equal weight 0.9 points behind SPY over 63 days.
NeutralSector breadth
6 of 11 sectors have most stocks above the 200-day average.
NeutralUp/down volume
Rising stocks traded 0.89x the dollar volume of falling stocks over 10 days.
NeutralStocks above their 20-day average
44% of stocks above their 20-day average (34% above the 50-day).
NeutralStocks beating SPY
31% of stocks beat SPY over the last 63 trading days.
Bearish
Size and valuation
Small companies against the largest, and what investors pay for the largest.Market health over the past year
Readings after each trading day’s close. The backtests apply each rule to past prices and are hypothetical; the live record of each indicator starts on its go-live date. How it works.
Free · every Friday after the close
Know when the market’s underlying health changes
Every Friday, a two-minute report on market health, rising risk and the indicators that changed, without having to watch every chart yourself.
- The health score and the top-risk score, and how far each moved
- Every indicator that turned bullish or bearish, and why
- Whether breadth confirmed the S&P 500’s new highs
- The charts that matter, in under two minutes
From the same author
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