Market Breadth Weekly — October 11, 2026
October 11, 2026 · neutral regime · 48% above 200-day MA · 4 golden / 18 death crosses
Market Breadth Weekly · October 11, 2026
A small bounce inside a long slide
A concise weekly note on what is moving beneath the index.
Breadth 48.0% S&P 500 above 200-day | Crosses 18 / 4 death vs. golden | Leadership Utilities +4.0% this week |
The Read
Just under half of S&P 500 companies, 48.0%, are trading above their 200-day moving average, the long-term trend line used to judge whether a stock is still in decent shape. That number rose by 4.0 percentage points this week, the first improvement in a while, yet breadth has been falling over the longer trend and the reading still sits in the 28th percentile of the past five years. Meanwhile SPY is 0.0% off its 60-day high, so the index is at the top of its recent range while participation remains near the bottom of its own.
Underneath: The trend signals underneath have not turned with the bounce: 18 death crosses against 4 golden crosses, meaning far more stocks saw their shorter-term average slip below their long-term one than the reverse. This week's gains came from the defensive and commodity corners, with Utilities up +4.0% while Technology slipped -0.5%, and the full market reading of 37.8% leaves a 10-point gap between the big index and everything else.
What to watch: The honest test is whether the cross tally flips positive, or whether this week's uptick fades the way the slide from breadth moved from 73% to 48% suggests.
Breadth is at the 28th percentile of its own 5-year history — a neutral regime. The SPY is 0.0% 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: KEY (Financial) crossed below its 200-day moving average on 2026-10-09, with volume confirmation, on 12,161,072 average daily volume.
This week: 4 golden crosses vs. 18 death crosses as of 2026-10-11.
Top Golden Crosses
- META (Technology) — crossed 2026-10-06
- ADBE (Technology) — crossed 2026-10-06
- PTC (Technology) — crossed 2026-10-07 (volume-confirmed)
- COR (Consumer Defensive) — crossed 2026-10-07
Top Death Crosses (by volume)
- KEY (Financial) — crossed 2026-10-09 (volume-confirmed)
- KMI (Utilities) — crossed 2026-10-05
- CTVA (Consumer Defensive) — crossed 2026-10-05 (volume-confirmed)
- IP (Materials) — crossed 2026-10-06
- LYB (Healthcare) — crossed 2026-10-08 (volume-confirmed)
Sector Leaders (this week)
- Utilities (XLU): +4.0% this week (-6.6% vs 200-day MA)
- Consumer Staples (XLP): +3.6% this week (-0.5% vs 200-day MA)
- Energy (XLE): +3.6% this week (+14.1% vs 200-day MA)
Sector Laggards (this week)
- Technology (XLK): -0.5% this week (+19.5% vs 200-day MA)
- Industrials (XLI): -0.4% this week (-2.0% vs 200-day MA)
- Communication Services (XLC): +0.1% this week (-2.9% vs 200-day MA)
Full-market breadth (all 4,725 stocks tracked) is 37.8% above their 200-day MA vs. 48.0% for the S&P 500 alone — a 10-point gap. Large caps are currently stronger than the broader market.
Read this edition online: tradingtwohundred.com/digest/2026-10-11
Dig deeper: This week's movers · Cross-asset correlations · Golden Cross scanner
Disclaimer: This newsletter is for informational and educational purposes only and is not investment advice. Do your own research before making investment decisions. Trading involves risk, including possible loss of principal.
