Executive breadth briefing as of 09/25/2026. Current stance: Defensive. Internal breadth is weak enough that rallies need confirmation before being treated as durable.
The summary is rule-based and updates from the latest breadth CSVs. It is meant to translate the tables into a quick market read.
Health is the composite breadth score built from trend, momentum, participation, and leadership breadth. Higher means broader internal confirmation.
These ETFs have the weakest internal breadth mix. Low readings often mean participation is narrow, damaged, or still repairing.
The 20D mover is the change in Health Index over the last 20 trading days. Positive movers show improving internal participation.
Negative 20D movers show ETFs where internal breadth is weakening, even if price has not fully reflected it yet.
Trend breadth averages the % of holdings above their 20, 50, and 200 day moving averages. Strong readings mean more stocks are in confirmed uptrends.
Internal leadership measures the % of constituents outperforming their own ETF over 30D, 60D, and 90D. Higher means the ETF's gains are not being carried by only a few names.
This uses % of holdings within 5% of 52-week highs. Very high readings are bullish confirmation, but can also indicate an extended tape.
This tracks the % of holdings more than 20% below their 52-week highs. High readings show internal damage beneath the ETF surface.
Avg leadership: 43.3%
Avg drawdown breadth: 40.7%
Avg RSI overbought breadth: 2.0%
Actionable long candidates: ETFs with high Health, positive 20D Health change, strong trend breadth, and broad internal leadership.
Overheat candidates: ETFs with very high 52-week high proximity but slowing Health ROC. These can stay strong, but risk/reward may be less clean.
Repair candidates: ETFs with weak absolute Health but improving 20D Health and falling drawdown breadth. These are early-turn watchlist names.
Risk candidates: ETFs with falling Health, weak trend breadth, and high drawdown breadth. These are where rallies need extra confirmation.
Chart start date: 01/01/2022
Percentile, health index, forward-return decile stats, and seasonality start: 01/01/2018
Heatmap and bar colors are based on each ETF/metric's own historical percentile. For downside metrics, the color scale is inverted so lower risk is greener.