Participation & Rotation

Participation & Rotation

This shows whether the market move is broad and healthy, or narrow and fragile beneath the surface.

Window

Defensive rotation is taking deeper hold.

What matters now

Defensive leadership often signals weakening risk appetite beneath the surface.

What changed vs prior window
Biggest drag
Cyclical vs defensive-52.8

Cyclical vs defensive weakened the internal read by 52.8 pts versus the prior window.

Second drag
Credit confirmation-30.2

Credit confirmation weakened the internal read by 30.2 pts versus the prior window.

Main support
Small-cap confirmation+26.5

Small-cap confirmation improved the internal read by 26.5 pts versus the prior window.

Three simple checks
How broad the move isBreadth
+18.6
67.2

Broad and healthy

Breadth is broadening beyond mega caps

Improved vs prior period
May 27Oct 26
Who is leadingRotation
-52.8
0.0

Defensives are taking over

Defensives are taking the lead

Weakened vs prior period
May 27Oct 26
Are other markets backing it?Confirmation
-17.8
24.9

Backing is breaking down

Confirmation is breaking down

Weakened vs prior period
May 27Oct 26
Under the surface
Equal-weight breadth

Mega-cap concentration is easing

Meaning: Tracks whether performance is widening beyond the cap-weighted index.

Move health score83.8
Technical detail
Based on: RSP / SPY21d ratio +3.73%5d ratio +1.97%
Low 0.271High 0.295Current 0.284
Small-cap confirmation

Small caps are only partially confirming

Meaning: Tests whether smaller equities are confirming broader risk appetite.

Move health score46.5
Technical detail
Based on: IWM / SPY21d ratio -1.00%5d ratio +2.25%
Low 0.353High 0.411Current 0.362
Cyclical vs defensive

Defensives are regaining control

Meaning: Measures whether cyclical sectors still lead the defensive complex.

Move health score0.0
Technical detail
Based on: XLY / XLP · XLI / XLU21d ratio -7.74%5d ratio -2.24%
Low 2.571High 2.857Current 2.611
Credit confirmation

Credit is no longer confirming

Meaning: Checks whether lower-quality credit still backs the move.

Move health score35.9
Technical detail
Based on: HYG / LQD21d ratio -1.61%5d ratio -0.62%
Low 0.727High 0.757Current 0.742
Regional confirmation

US leadership is outpacing international breadth

Meaning: Tests whether international equities are confirming US leadership.

Move health score13.9
Technical detail
Based on: EFA / SPY · EEM / SPY21d ratio -4.34%5d ratio -0.73%
Low 0.108High 0.118Current 0.108
Data qualityLive rebuild · Oct 26 23:35 UTC
UpdatedOct 26 23:35 UTC
SourceLive rebuild
Staleness0s
Coverage100% · 5/5
Positive / neutral / negative1 / 1 / 3
ConfidenceHigh confidence

Source health: Yahoo: 11 ok