Market Breadth

How much of the S&P 500 is participating? Advances-declines, the cumulative A-D line, percentage above the 200-day moving average, and new-highs/new-lows count
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Advances / Declines
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Most recent session
% Above 200-Day SMA
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Share of constituents in a long-term uptrend
New Highs − New Lows
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52-week basis
A-D Line
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Cumulative, since data start

Day's change distribution

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Median…
Mean…
Up…
Down…

Daily advance-decline vs. S&P 500

Cumulative advance-decline line vs. S&P 500

% of constituents above their 200-day moving average

52-week new highs vs. new lows

An index can continue climbing while less and less of its constituents are actually going climbing with it. A handful of mega-caps can carry the index even as the typical stock lags or falls. The advance-decline line tracks the running tally of advancing minus declining names, day by day. Its shape relative to the index itself is the signal. Breadth divergence is when the market makes a new high but the A-D line doesn't confirm it. This has historically been a warning sign that the participation is narrowing and sometimes points to a future broader pullback.

The % above the 200-day moving average: How many constituents are in a durable uptrend (instead of just up on a given day). A market near all-time highs with a low reading % above the 200-day SMA means the advance is being carried by a narrow group of leaders rather than broad participation. New highs vs. new lows: a rising count of fresh 52-week lows even while the index holds up is an early-warning breadth signal.

Breadth can diverge from price for months before it matters.  A-D, % above 20-day SMA, 52-week highs vs. lows are simply context for how healthy an advance or decline is underneath the headline index number.

The day's-change distribution (top) refreshes hourly through the trading session (9:30am to 3:30pm ET on trading days) 

Source: Alpha Vantage daily adjusted closes across S&P 500 constituents. Advance-decline, 200-day SMA, and new-highs/lows charts computed once daily after the close; the day's-change distribution refreshes hourly during market hours.