Market Breadth Weekly — October 26, 2026
October 24, 2026 · neutral regime · 56% above 200-day MA · 4 golden / 18 death crosses
Market Breadth Weekly · October 24, 2026
Participation keeps climbing while the trend signals say no
A concise weekly note on what is moving beneath the index.
Breadth 56.0% S&P 500 above 200-day | Crosses 18 / 4 death vs. golden | Leadership Energy +1.6% this week |
The Read
Breadth, the share of S&P 500 companies trading above their 200-day moving average, now sits at 56.0% after it rose by 4.0 percentage points this week. That is a fourth straight weekly improvement, yet it still leaves the reading at the 47th percentile of the past five years, and breadth has been falling over the longer trend. Prices themselves barely moved: SPY is 2.5% off its 60-day high, so the recovery is happening in the count of participating stocks rather than in the index.
Underneath: Leadership came from the steadier corners, with Energy up +1.6% while Communication Services dropped -4.4%, the sort of rotation that repairs participation without producing headline gains. The longer-term signals have not confirmed any of it: 18 death crosses against 4 golden crosses, meaning far more stocks saw their shorter-term average slip beneath their long-term one than the reverse, and the 19-point gap between the index and the 36.7% reading across all tracked names shows smaller companies still trailing badly.
What to watch: The cleanest test now is whether the cross tally finally tilts positive, since breadth moved from 73% to 56% over the divergence window and roughly half that ground is still missing.
Breadth is at the 47th percentile of its own 5-year history — a neutral regime. The SPY is 2.5% off its 60-day high while breadth has moved from 73% to 57% over that same window — a classic narrowing-breadth warning sign.
Cross of the Week: INVH (Real Estate) crossed below its 200-day moving average on 2026-10-23, with volume confirmation, on 4,866,524 average daily volume.
This week: 4 golden crosses vs. 18 death crosses as of 2026-10-24.
Top Golden Crosses
- ACN (Industrials) — crossed 2026-10-21
- CI (Financial) — crossed 2026-10-22
- MAR (Consumer Cyclical) — crossed 2026-10-19
- CBOE (Financial) — crossed 2026-10-23 (volume-confirmed)
Top Death Crosses (by volume)
- GLW (Materials) — crossed 2026-10-19
- BKR (Energy) — crossed 2026-10-16
- BKNG (Industrials) — crossed 2026-10-22
- COHR (Technology) — crossed 2026-10-21
- INVH (Real Estate) — crossed 2026-10-23 (volume-confirmed)
Sector Leaders (this week)
- Energy (XLE): +1.6% this week (+19.2% vs 200-day MA)
- Healthcare (XLV): +1.5% this week (+13.4% vs 200-day MA)
- Real Estate (XLRE): +1.0% this week (-1.7% vs 200-day MA)
Sector Laggards (this week)
- Communication Services (XLC): -4.4% this week (-6.9% vs 200-day MA)
- Industrials (XLI): -1.9% this week (-4.9% vs 200-day MA)
- Technology (XLK): -0.1% this week (+8.7% vs 200-day MA)
Full-market breadth (all 4,719 stocks tracked) is 36.7% above their 200-day MA vs. 56.0% for the S&P 500 alone — a 19-point gap. Large caps are currently stronger than the broader market.
Read this edition online: tradingtwohundred.com/digest/2026-10-24
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.
