State of the Market
Strong uptrend
Near record highs · Narrow participation · Firm risk appetite
Trend
83%
Price position and direction of the 20-, 50- and 200-day averages.
All-time high
-0.8%
Last reached 35 trading days ago, on August 13, 2026.
Volatility
10.4%
Low · Little changed
Unfilled gaps
1 below · 0 above
0 persistent
Risk appetite trend
72%
Three-pillar composite.
Market breadth
25%
Weak · Below 52-week average · Falling
Moving averages
| Metric | Value | Price vs. average | Average direction, 5 days |
|---|---|---|---|
| MA20 | $763.98 | Above (+0.7%) | Falling or flat (-0.0%) |
| MA50 | $762.23 | Above (+1.0%) | Rising (+0.3%) |
| MA200 | $717.05 | Above (+7.3%) | Rising (+0.3%) |
Realized volatility
| Current | 10.4% annualized |
|---|---|
| Long-term context | Low — it was higher in 67% of prior 21-day periods. |
| Change over 5 days | Little changed (-0.0 percentage points) |
65-session return profile
| Period | Median return |
|---|---|
| Market hours | -0.05% |
| Outside market hours | +0.09% |
| Weekend and holiday gap | -0.09% |
| Session | Median return |
|---|---|
| Monday | -0.23% |
| Tuesday | -0.18% |
| Wednesday | -0.20% |
| Thursday | +0.05% |
| Friday | +0.41% |
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) |
|---|---|---|---|---|---|
| 2026-10-02 | Below market | $765.65–$767.14 | 0.20% | 0.32% | 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 | 67% |
| Equity factor appetite | 100% |
| Credit appetite | 50% |
Pair trend matrix
| Signal | Trend | MA20 | MA50 | MA200 |
|---|---|---|---|---|
| Consumer cyclicalityXLY/XLP | 33% | Above (+1.3%) Falling or flat (-0.4%) |
Above (+0.5%) Falling or flat (-0.0%) |
Below or at (-2.7%) Falling or flat (-0.4%) |
| Technology vs. utilitiesXLK/XLU | 100% | Above (+6.9%) Rising (+3.3%) |
Above (+14.0%) Rising (+2.4%) |
Above (+33.0%) Rising (+1.0%) |
| High beta appetiteSPHB/SPLV | 100% | Above (+6.0%) Rising (+2.5%) |
Above (+10.4%) Rising (+1.4%) |
Above (+19.0%) Rising (+0.6%) |
| Credit appetiteHYG/IEI | 50% | Below or at (-0.6%) Falling or flat (-0.1%) |
Below or at (-0.4%) Rising (+0.0%) |
Above (+1.0%) Rising (+0.1%) |
Market breadth
| Current | 24.8% (124 of 500) |
|---|---|
| Weekly change | -2.2 percentage points |
| 52-week average | 52.6% · 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 | Footwear & AccessoriesRank 140 |
| Oil & Gas Refining & MarketingRank 2 | Airports & Air ServicesRank 141 |
| Electronics & Computer DistributionRank 3 | Mortgage FinanceRank 142 |
| Semiconductor Equipment & MaterialsRank 4 | GamblingRank 143 |
| SemiconductorsRank 5 | Advertising AgenciesRank 144 |
