Weekly Market Breadth Report — May 01, 2026
This report is AI-generated from EQTRun's market data and breadth analytics. It is not human-written market commentary and does not constitute investment advice.
Market Overview
S&P 500 rallied this week (+1.4%) to 7,265. MSCI World (ACWI) gained +1.3% to 152. Momentum (3/6) and trend (5/6) breadth are both positive — constructive backdrop across timeframes. Best performer: Dow Jones (+1.5%). Weakest: Hang Seng (-0.8%).
| Metric | This Week | Last Week | 1Y Avg | Z (1Y) |
|---|---|---|---|---|
| Bullish Signal % | 50.4% | 43.6% | 54.4% | -0.5 |
| Bullish Signals | 88,816 | 90,029 | ||
| Bearish Signals | 87,510 | 116,453 |
Signal balance is near its 1-year norm — nothing unusual this week.
S&P 500 price with regime signal markers. Green triangles = bullish signals, red triangles = bearish signals.
Key Takeaways
- 🟢 S&P 500: Rallied +1.4% to 7,265. Both momentum and trend breadth are positive — the rally has broad participation.
- 🟢 MSCI World (ACWI): Gained +1.3%, tracking US markets. The rally is global.
- 🟡 Breadth: Momentum is mid-range (3/6) while trend is strong (5/6). The structural move may already be priced in — this combination has historically led to below-average forward returns.
- 🟢 S&P 500: McClellan Oscillator crossed above zero — breadth momentum shifted from negative to positive.
- 🔴 S&P 500: A Hindenburg Omen fired — both new 52-week highs and lows exceeded 2.2% of traded issues while the McClellan Oscillator is negative. Elevated crash risk warning. Trend breadth is still strong, which may buffer the impact.
- 🟡 S&P 500: McClellan Oscillator crossed below zero — breadth momentum shifted from positive to negative.
Stocks with the Most Signals
Large-cap stocks ($10B+) with 5+ signals fired this week.
| Symbol | Name | Sector | Signals | Net | 1W % |
|---|---|---|---|---|---|
| NOK | Nokia | Communication Services | 24 | +22 | +29% |
| ALA.TO | AltaGas Ltd. | Energy | 23 | +17 | +5% |
| PNR | Pentair plc | Industrials | 23 | -21 | -13% |
| CHTR | Charter Communications, Inc. | Communication Services | 23 | -17 | -5% |
| NXPI | NXP Semiconductors N.V. | Technology | 23 | +13 | +21% |
| RMD | ResMed Inc. | Healthcare | 22 | -10 | -7% |
| 6861.T | Keyence Corporation | Technology | 22 | +16 | +21% |
| GOOG | Alphabet Inc. | Communication Services | 21 | +17 | +12% |
Momentum Breadth
Short-term oscillators and price velocity indicators.
| Index | This Week | Last Week | Change | Z (1Y) | Trend |
|---|---|---|---|---|---|
| Advance / Decline | -588 | -17,955 | +17,367 | +0.0 | Improving |
| New 20D High/Low | +1,230 | +6,084 | -4,854 | -0.2 | Deteriorating |
| MACD Breadth | -3,846 | -3,582 | -264 | -1.3 | Stable |
| RSI Extremes | -986 | -2,479 | +1,493 | -0.1 | Improving |
| Bollinger Band | +172 | -5,117 | +5,289 | +0.3 | Flipped bullish |
| Weekly Movers (±10%) | +127 | +6,412 | -6,285 | -0.4 | Deteriorating |
MACD Breadth weekly net (bars) with S&P 500 price (right axis). 1Y z-score: -1.3.
Trend Breadth
Longer-term structural indicators.
| Index | This Week | Last Week | Change | Z (1Y) | Trend |
|---|---|---|---|---|---|
| 52-Week High/Low | +1,440 | +2,974 | -1,534 | -0.4 | Deteriorating |
| Fresh 52W High/Low | +145 | +340 | -195 | -0.4 | Deteriorating |
| 200 DMA Breadth | +4,444 | +7,711 | -3,267 | -0.8 | Deteriorating |
| MA Cross (Golden/Death) | -250 | -234 | -16 | -0.9 | Stable |
| HH/HL Structure | +101 | -276 | +377 | -0.1 | Flipped bullish |
| Breakout / Breakdown | +473 | +764 | -291 | -0.7 | Deteriorating |
MA Cross (Golden/Death) weekly net (bars) with S&P 500 price (right axis). 1Y z-score: -0.9.
Pattern Breadth
| Index | This Week | Last Week | Change | Z (1Y) | Trend |
|---|---|---|---|---|---|
| Double Top/Bottom | -14 | +156 | -170 | -0.2 | Flipped bearish |
| Failed Pattern | +17 | +41 | -24 | +0.1 | Deteriorating |
Major ETF Signals
| Ticker | Name | Momentum | Trend | Pattern | Net | Z (1Y) |
|---|---|---|---|---|---|---|
| SPY | S&P 500 | 5↑ 2↓ | 5↑ | — | +8 | +1.1 |
| USO | Oil (USO) | 5↑ 4↓ | 3↑ | — | +4 | +0.9 |
| QQQ | NASDAQ 100 | 3↑ 3↓ | 4↑ | — | +4 | +0.3 |
| TLT | 20+ Year Treasury | 3↑ 5↓ | 2↓ | — | -4 | -1.3 |
| GLD | Gold | 4↑ 1↓ | 2↓ | — | +1 | -0.2 |
| HYG | High Yield Corp | 2↓ | 1↑ 2↓ | — | -3 | -0.9 |
| EFA | EAFE (Dev ex-US) | 1↑ 1↓ | 1↑ 1↓ | — | +0 | -0.5 |
| EEM | Emerging Markets | 1↑ 2↓ | — | — | -1 | -0.7 |
| EWJ | Japan | 1↑ | 1↑ 1↓ | — | +1 | -0.1 |
| IBIT | Bitcoin | 2↓ | — | — | -2 | -0.4 |
| DIA | Dow Jones | 1↑ 1↓ | — | — | +0 | -0.3 |
| IWM | Russell 2000 | 1↓ | — | — | -1 | -0.6 |
TLT weekly net signals (bars) with TLT price (blue line, right axis). 1Y z-score: -1.3.
Sector Breadth (Advance/Decline)
| Sector | Net | % Bullish | Z (1Y) |
|---|---|---|---|
| Energy | +409 | 59.3% | +1.1 |
| Financial Services | +300 | 51.9% | +0.1 |
| Industrials | +250 | 50.9% | +0.2 |
| Consumer Defensive | +151 | 51.8% | +0.4 |
| Utilities | +25 | 50.7% | -0.0 |
| Real Estate | +22 | 50.3% | -0.1 |
| Technology | -17 | 49.9% | +0.1 |
| Communication Services | -32 | 49.4% | +0.1 |
| Basic Materials | -150 | 49.0% | -0.1 |
| Consumer Cyclical | -476 | 47.3% | -0.2 |
| Healthcare | -819 | 44.5% | -0.5 |
Energy sector weekly A/D net with S&P 500 price (right axis). 1Y z-score: +1.1.
What to Watch Next Week
- MA Cross (Golden/Death) at -250. Continuing to weaken.
- New 20D High/Low leading at +1,230. Watch for continuation vs exhaustion.
- Bollinger Band just flipped — need follow-through to confirm.
Last Week We Said
From our report on April 24:
- 🟡 S&P 500: Flat this week at 7,165 (+0.5%).
- 🟡 Breadth: Momentum is weak (2/6) while trend is in the mid-range (4/6). Short-term selling pressure within a mixed structural backdrop — below-average forward returns. Momentum just weakened — a fresh deterioration in short-term indicators.
- 🔴 Breadth — Advance / Decline: At an extreme reading (z=-1.6). Uncommon weakness — could mark a washout or further downside.
What happened: S&P 500 rallied +1.4% this week. The bullish signals were on track.
Get this report in your inbox every Saturday
Free for all EQTRun users. Plus daily signal alerts, custom screens, PDF exports, and live breadth/regime dashboards.
Create free account →