Market Structure

A confirmation dashboard for reading breadth, size participation, style leadership, and risk appetite beneath the surface of the U.S. equity market.

Methodology: Signals are computed using approximately two years (~500 trading days) of daily price history. Trend confirmation is based on the 20/50-day SMA relationship, with additional momentum and persistence diagnostics used to evaluate breadth, size participation, style leadership, and risk appetite.

This is a signal construction framework — not a proxy for full market history or a market forecast.

Trend Framework

Trend is defined by the 20-day SMA relative to the 50-day SMA using trading-day price observations. Persistence tracks how long that state has remained intact without interruption.

What This Page Does

Momentum shows what is leading. Market Structure shows whether that leadership is broad, durable, and confirmed across participation, style, and risk-taking.

Trend Up9

Trend Down1

Flat0

Constructive Bias0

Mixed Bias9

Defensive Bias1

Informational research signals • Not investment advice.

Data as of Market Close (May 20, 2026)

Current structure read: Breadth is broad, size participation is confirmed, style leadership is value-led, and risk appetite is constructive.

Implication: Participation is relatively healthy beneath the surface, suggesting stronger confirmation behind the market than headline indexes alone would imply.

Breadth

Broad

Equal-weight participation is confirming the benchmark, which usually points to healthier internal breadth rather than a move carried only by the largest names.

Drivers: VOO Up, RSP Up

Size Participation

Confirmed

Mid-cap and small-cap participation are both constructive, which tends to confirm broader domestic risk appetite.

Drivers: MDY Up, IWM Up

Style Leadership

Value-led

Value is firmer than growth, which usually points to a more cyclical or mean-reversion driven leadership profile.

Drivers: IWF Down, IWD Up, MTUM Up

Risk Appetite

Constructive

Both defensive quality and speculative beta are participating, which often reflects a more constructive market, though not necessarily an indiscriminate one.

Drivers: QUAL Up, USMV Up, SPHB Up

Market structure is a confirmation layer, not a forecast. Narrow benchmark strength can persist for a time, while breadth and size participation can improve before headline indexes fully reflect it.

Breadth & Benchmark

Is benchmark performance being confirmed beneath the surface?

VOO · S&P 500

Cap-weighted large-cap benchmark.

Up 20dBias: Mixed

Interpretation

This module tests whether benchmark performance is being supported by broader participation rather than concentrated leadership alone.

Relative spread

VOO is leading RSP by 7.6% over the 60d window.

Longer-term spread (365d): VOO leads by 13.4%.

RSP · Equal Weight S&P 500

Breadth check beneath cap-weight concentration.

Up 17dBias: Mixed

Size Participation

Are mid-caps and small-caps participating in the move?

MDY · Mid Caps

Mid-cap participation.

Up 21dBias: Mixed

Interpretation

This module checks whether participation is extending beyond large-cap leadership into the broader domestic equity market.

Relative spread

IWM is leading MDY by 4.6% over the 60d window.

Longer-term spread (365d): IWM leads by 8.0%.

IWM · Small Caps

Small-cap participation.

Up 22dBias: Mixed

Style Leadership

Is leadership coming from growth, value, or trend-following persistence?

IWF · Growth

Long-duration growth leadership.

Down

Down 16dBias: Defensive

Interpretation

This module tests whether leadership is being driven by long-duration growth, cheaper cyclical value exposure, or reinforced by trend-following factor strength.

Relative spread

IWD is leading IWF by 76.7% over the 60d window.

Longer-term spread (365d): IWD leads by 87.5%.

Momentum context

MTUM · Momentum

Up 25dBias: Mixed

IWD · Value

Value and cyclical style leadership.

Up 20dBias: Mixed

Risk Regime

Is the market rewarding quality and defense, or speculation and beta?

QUAL · Quality

Up 19dBias: Mixed

USMV · Low Volatility

Up 7dBias: Mixed

Interpretation

This module compares defensive equity preference against speculative beta to gauge whether the market is rewarding caution, risk-taking, or something in between.

Current tilt

Constructive

Relative spread

SPHB is leading USMV by 12.4% over the 60d window.

Longer-term spread (365d): SPHB leads by 43.7%.

SPHB · High Beta

Speculative risk appetite.

Up 22dBias: Mixed

Signal Matrix

Full cross-sectional view of all structure sleeves and their current state at a glance.

Ticker	Sleeve	Trend	Persistence	Bias	Role
VOO	S&P 500	Up	Up 20d	Mixed	Cap-weighted large-cap benchmark.
RSP	Equal Weight S&P 500	Up	Up 17d	Mixed	Breadth check beneath cap-weight concentration.
MDY	Mid Caps	Up	Up 21d	Mixed	Mid-cap participation.
IWM	Small Caps	Up	Up 22d	Mixed	Small-cap participation.
IWF	Growth	Down	Down 16d	Defensive	Long-duration growth leadership.
IWD	Value	Up	Up 20d	Mixed	Value and cyclical style leadership.
MTUM	Momentum	Up	Up 25d	Mixed	Trend-following factor confirmation.
QUAL	Quality	Up	Up 19d	Mixed	Profitability and balance-sheet strength.
USMV	Low Volatility	Up	Up 7d	Mixed	Defensive equity preference.
SPHB	High Beta	Up	Up 22d	Mixed	Speculative risk appetite.