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 calculated from daily price history using a 20/50-day SMA trend framework plus rolling momentum windows extending to roughly one year. Additional history is loaded to stabilize those calculations and preserve trend context.

Trend Framework

Trend is defined by the 20-day SMA relative to the 50-day SMA. 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 Up0

Trend Down10

Flat0

Constructive Bias0

Mixed Bias0

Defensive Bias10

Informational research signals • Not investment advice.

Data as of Market Close (Apr 02, 2026)

Current structure read: Breadth is weak, size participation is weak, style leadership is mixed, and risk appetite is mixed.

Implication: The market is mixed beneath the surface, with selective confirmation rather than a clean, broad-based structure signal.

Breadth

Weak

Both benchmark and equal-weight participation are weak, which usually reflects deteriorating internal breadth rather than isolated weakness.

Drivers: VOO Down, RSP Down

Size Participation

Weak

Mid-cap and small-cap participation are both weak, which tends to signal a more fragile market beneath headline index performance.

Drivers: MDY Down, IWM Down

Style Leadership

Mixed

Style leadership is mixed or fading, which often means market lacks a clean dominant factor profile and may be rotating beneath the surface.

Drivers: IWF Down, IWD Down, MTUM Down

Risk Appetite

Mixed

Neither speculative beta nor defensive leadership is especially clean right now, which usually points to a more transitional market state.

Drivers: QUAL Down, USMV Down, SPHB Down

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.

Down

Down 25dBias: Defensive

Interpretation

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

Relative spread

RSP is leading VOO by 3.2% over the 60d window.

Longer-term spread (365d): VOO leads by 6.3%.

RSP · Equal Weight S&P 500

Breadth check beneath cap-weight concentration.

Down

Down 11dBias: Defensive

Size Participation

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

MDY · Mid Caps

Mid-cap participation.

Down

Down 12dBias: Defensive

Interpretation

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

Relative spread

MDY is leading IWM by 0.9% over the 60d window.

Longer-term spread (365d): IWM leads by 4.1%.

IWM · Small Caps

Small-cap participation.

Down

Down 16dBias: Defensive

Style Leadership

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

IWF · Growth

Long-duration growth leadership.

Down

Down 47dBias: 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 9.1% over the 60d window.

Longer-term spread (365d): IWF leads by 1.7%.

Momentum context

MTUM · Momentum

Down

Down 27dBias: Defensive

IWD · Value

Value and cyclical style leadership.

Down

Down 11dBias: Defensive

Risk Regime

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

QUAL · Quality

Down

Down 16dBias: Defensive

USMV · Low Volatility

Down

Down 7dBias: Defensive

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

Mixed

Relative spread

USMV is leading SPHB by 4.3% over the 60d window.

Longer-term spread (365d): SPHB leads by 28.3%.

SPHB · High Beta

Speculative risk appetite.

Down

Down 16dBias: Defensive

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	Down	Down 25d	Defensive	Cap-weighted large-cap benchmark.
RSP	Equal Weight S&P 500	Down	Down 11d	Defensive	Breadth check beneath cap-weight concentration.
MDY	Mid Caps	Down	Down 12d	Defensive	Mid-cap participation.
IWM	Small Caps	Down	Down 16d	Defensive	Small-cap participation.
IWF	Growth	Down	Down 47d	Defensive	Long-duration growth leadership.
IWD	Value	Down	Down 11d	Defensive	Value and cyclical style leadership.
MTUM	Momentum	Down	Down 27d	Defensive	Trend-following factor confirmation.
QUAL	Quality	Down	Down 16d	Defensive	Profitability and balance-sheet strength.
USMV	Low Volatility	Down	Down 7d	Defensive	Defensive equity preference.
SPHB	High Beta	Down	Down 16d	Defensive	Speculative risk appetite.