Market Breadth Weekly — September 28, 2026

Breadth moved notably down this week landing at 46.0% of the S&P 500 above its 200-day MA. Death crosses outpaced golden crosses 23-to-6. Technology led the market this week.

Breadth is at the 23th percentile of its own 5-year history — a neutral regime. The SPY is 0.8% off its 60-day high while breadth has moved from 73% to 45% over that same window — a classic narrowing-breadth warning sign.

Cross of the Week: WBD (Communication) crossed above its 200-day moving average on 2026-09-24, with volume confirmation, on 26,195,247 average daily volume.

This week: 6 golden crosses vs. 23 death crosses as of 2026-09-26.

Top Golden Crosses (by volume)

• WBD (Communication) — crossed 2026-09-24 (volume-confirmed)
• MDT (Healthcare) — crossed 2026-09-23 (volume-confirmed)
• FOXA (Communication) — crossed 2026-09-23
• EL (Consumer Defensive) — crossed 2026-09-24 (volume-confirmed)
• FOX (Communication) — crossed 2026-09-25

Top Death Crosses (by volume)

• CMG (Consumer Cyclical) — crossed 2026-09-22
• QCOM (Technology) — crossed 2026-09-18 (volume-confirmed)
• ON (Technology) — crossed 2026-09-21 (volume-confirmed)
• CARR (Industrials) — crossed 2026-09-23
• O (Real Estate) — crossed 2026-09-24 (volume-confirmed)

Sector Leaders (this week)

• Technology (XLK): +3.5% this week (+19.9% vs 200-day MA)
• Communication Services (XLC): +1.9% this week (-0.9% vs 200-day MA)
• Healthcare (XLV): +1.4% this week (+9.2% vs 200-day MA)

Sector Laggards (this week)

• Utilities (XLU): -3.9% this week (-11.2% vs 200-day MA)
• Energy (XLE): -3.5% this week (+10.5% vs 200-day MA)
• Real Estate (XLRE): -2.3% this week (-3.8% vs 200-day MA)

Full-market breadth (all 4,743 stocks tracked) is 40.6% above their 200-day MA vs. 46.0% for the S&P 500 alone — a 5-point gap. Large caps are currently stronger than the broader market.

Read this edition online: tradingtwohundred.com/digest/2026-09-26

Dig deeper: This week's movers · Cross-asset correlations · Golden Cross scanner