State of the Market
Uptrend
Near record highs · Narrow participation · Firm risk appetite
Trend
67%
Price position and direction of the 20-, 50- and 200-day averages.
All-time high
-1.7%
Last reached 20 trading days ago, on August 13, 2026.
Volatility
8.7%
Low · Rising
Unfilled gaps
1 below · 0 above
0 persistent
Risk appetite trend
78%
Three-pillar composite.
Market breadth
39%
Weak · Below 52-week average · Falling
Moving averages
| Metric | Value | Price vs. average | Average direction, 5 days |
|---|---|---|---|
| MA20 | $766.88 | Below or at (-0.3%) | Falling or flat (-0.3%) |
| MA50 | $758.62 | Above (+0.7%) | Rising (+0.3%) |
| MA200 | $712.06 | Above (+7.3%) | Rising (+0.4%) |
Realized volatility
| Current | 8.7% annualized |
|---|---|
| Long-term context | Low — it was higher in 81% of prior 21-day periods. |
| Change over 5 days | Rising (+0.8 percentage points) |
65-session return profile
| Period | Median return |
|---|---|
| Market hours | -0.03% |
| Outside market hours | +0.09% |
| Weekend and holiday gap | +0.13% |
| Session | Median return |
|---|---|
| Monday | -0.10% |
| Tuesday | -0.32% |
| Wednesday | -0.13% |
| Thursday | +0.40% |
| Friday | +0.26% |
Open gaps
Persistent unfilled gaps can signal sustained one-sided movement during the period in which they formed. If the market later reverses toward a nearby gap, traders often watch the gap zone as a potential reference or target area. A gap is not guaranteed to be filled and should not be treated as a standalone forecast.
| Date | Location | Gap zone | Width | Distance | Age (sessions) |
|---|---|---|---|---|---|
| 2026-09-11 | Below market | $760.11–$763.60 | 0.46% | 0.09% | 0 |
Risk appetite
Higher ratios favor the risk-on side of each pair. Every pair uses the same six signals: price position and five-session direction for its 20-, 50- and 200-day moving averages.
Three-pillar composite
| Pillar | Trend |
|---|---|
| Equity cyclicality | 50% |
| Equity factor appetite | 83% |
| Credit appetite | 100% |
Pair trend matrix
| Signal | Trend | MA20 | MA50 | MA200 |
|---|---|---|---|---|
| Consumer cyclicalityXLY/XLP | 0% | Below or at (-0.5%) Falling or flat (-0.8%) |
Below or at (-0.7%) Falling or flat (-0.2%) |
Below or at (-4.0%) Falling or flat (-0.2%) |
| Technology vs. utilitiesXLK/XLU | 100% | Above (+3.1%) Rising (+0.3%) |
Above (+7.0%) Rising (+0.7%) |
Above (+21.5%) Rising (+0.8%) |
| High beta appetiteSPHB/SPLV | 83% | Above (+2.2%) Rising (+0.4%) |
Above (+4.1%) Falling or flat (-0.3%) |
Above (+11.5%) Rising (+0.7%) |
| Credit appetiteHYG/IEI | 100% | Above (+0.4%) Rising (+0.1%) |
Above (+0.7%) Rising (+0.1%) |
Above (+2.1%) Rising (+0.1%) |
Market breadth
| Current | 39.0% (195 of 500) |
|---|---|
| Weekly change | -8.6 percentage points |
| 52-week average | 54.4% · Below 52-week average |
Breadth thrusts — past year
Every two-week move of at least 150 stocks, in either direction, is listed. Consecutive qualifying readings remain separate because their frequency can also describe the market environment.
| Date | Breadth | Two-week change |
|---|---|---|
| 2026-03-15 | 32.2% | -30.6 pts |
Sector and industry leadership
Leaders and laggards in the canonical medium-term group ranking.
Sectors
| Top sectors | Bottom sectors |
|---|---|
| TechnologyRank 1 | Consumer CyclicalRank 10 |
| EnergyRank 2 | UtilitiesRank 11 |
Industries
| Top industries | Bottom industries |
|---|---|
| Computer HardwareRank 1 | Grocery StoresRank 140 |
| Oil & Gas Refining & MarketingRank 2 | Mortgage FinanceRank 141 |
| Electronics & Computer DistributionRank 3 | Airports & Air ServicesRank 142 |
| Semiconductor Equipment & MaterialsRank 4 | Advertising AgenciesRank 143 |
| Marine ShippingRank 5 | Footwear & AccessoriesRank 144 |
The week in focus
What happened last week?
The S&P 500 fell modestly over the week.
What matters this week?