Market Breadth Indicators: A-D Line, NH-NL, MA Breadth & BPI
Free market-breadth dashboard. Four indicators in one view, each with SPY correlation: the Advance-Decline Line, New Highs minus New Lows, MA Breadth (% of stocks above 10-, 50-, and 100-day moving averages), and the Bullish Percent Index. Switch between them in the tabs below; deep methodology and FAQs for each indicator are further down — always visible regardless of tab.
Universe: SystemTrader's ~6,700-symbol US equity dataset, refreshed daily after the close from the TradeStation market-data API. Pair this read with our HYG/LQD credit-spreads tracker, VIX term-structure tracker, cross-asset macro panel, standalone Hindenburg Omen page, and SPY signals for cross-asset confirmation.
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SystemTraderSource
Daily S&P 500 OHLCV data computed across the full 500-stock universe
Methodology
A-D, NH-NL, MA breadth %, Hindenburg conditions, BPI from Point & Figure signals
Updates
Daily after market close (~1pm PT)
Last: 2026-05-14
⚠ For educational and informational purposes only — not financial advice. Past performance does not guarantee future results. See full disclaimer.
Breadth composite today
BULLISH
3 of 4 signals bullish·2026-05-14
MA50%
57.6%
bullish
A-D
+774
bullish
NH-NL
+122
bullish
BPI
49
bearish
Market breadth today (2026-05-14): 3 of 4 signals bullish. 57.6% of stocks above their 50-day MA; net advances +774; NH−NL +122; BPI 49.
- Advance-Decline (A-D)
- Net advancers minus decliners each day. Cumulative line that diverges from the index when participation narrows.
- New Highs − New Lows
- 52-week breadth balance. Persistent NH dominance is bullish; persistent NL dominance flags deteriorating leadership.
- MA Breadth
- Percent of stocks trading above their 10/50/100-day moving averages. Above 80% = overbought; below 20% = washed out.
- Bullish Percent Index (BPI)
- Percent of stocks on a Point & Figure buy signal. Above 70% = overbought; below 30% = oversold.
Last updated: May 14, 2026, 10:26 PM UTC
% of Stocks Above 10-Day Moving Average
Breadth %
SPY Price
50% Reference
% of Stocks Above 50-Day Moving Average
Breadth %
SPY Price
50% Reference
% of Stocks Above 100-Day Moving Average
Breadth %
SPY Price
50% Reference
MA Breadth (% Stocks Above 10/50/100-Day MA)
The percentage of S&P 500 stocks trading above their 10-day, 50-day, and 100-day moving averages.
MA Breadth tracks the percentage of stocks in the S&P 500 trading above their short-, intermediate-, and long-term moving averages. It's the single most-watched market-internals metric because it answers a simple question: of the 500 stocks in the index, how many are in their own uptrends? High readings (>70%) mean broad participation; low readings (<20%) mean most stocks are below trend.
How to read it
- •Above 80%: overbought — most stocks are extended; reversals common but not always immediate.
- •Below 20%: oversold — capitulation territory; historically a better timing signal for rebounds than for selling.
- •50% level: roughly the line between bull and bear regimes for the average stock.
- •Divergence with SPY: index up + MA breadth down = narrowing rally; classic late-cycle warning.
- •10-day vs 50-day vs 100-day: short-term oscillates fast; long-term smooths out.
Common questions
What does "% stocks above 200-day moving average" mean?▾
It's the percentage of stocks in the index whose closing price is above their own 200-day simple moving average. A stock above its 200-day MA is generally considered to be in a long-term uptrend. When 70%+ of S&P 500 stocks are above their 200-day MA, the broad market is in a strong uptrend; when fewer than 30% are, the market is in a serious downtrend.
What is a normal range for MA breadth?▾
In normal bull markets, MA breadth (% above 50-day) typically oscillates between 40 and 80%. Brief excursions to 90%+ mark frothy / overbought conditions; brief excursions below 20% mark capitulation. Sustained readings outside these bands are rare and usually correspond to major regime shifts.
What does it mean when MA breadth diverges from SPY?▾
Divergence is when SPY is making new highs but MA breadth is failing to make new highs (or actively falling). It means the index advance is being driven by a shrinking subset of stocks — typically large-caps. Divergences don't always lead to selloffs, but they're a meaningful loss of broad participation and are watched closely as warning signs.
Can MA breadth signal market tops or bottoms?▾
Tops: divergences (price up, breadth down) often precede major tops by weeks to months. Bottoms: extreme oversold breadth (<10–20% above 50-day) often coincides with short-term lows, especially when paired with VIX backwardation and capitulation volume. Neither is a precise timing tool but both are useful as confirmations.
What is the difference between 10-day, 50-day, and 100-day MA breadth?▾
10-day MA breadth captures very short-term participation — it oscillates fast and is most useful for short-term traders. 50-day MA breadth is the most-watched intermediate read — it filters out daily noise but reacts within weeks. 100-day MA breadth is a smoother long-term read that captures regime shifts. Looking at all three together gives a layered view of market health.
Advance-Decline Line (A-D Line)
A cumulative running total of advancing stocks minus declining stocks each day.
The Advance-Decline Line (A-D Line) is the oldest and most widely used breadth indicator. Each trading day, you take the number of stocks that closed up minus the number that closed down, and add that net to a running cumulative total. The slope and direction of the cumulative line, more than its absolute value, is the signal. A rising A-D line confirms uptrends; a falling A-D line warns of weakening internals.
How to read it
- •Rising A-D line + rising SPY: broad-based uptrend, healthy.
- •Rising SPY + flat or falling A-D line: classic bearish divergence — fewer stocks participating.
- •Falling A-D line + falling SPY: confirmed downtrend.
- •Falling SPY + rising A-D line: rare; often marks bottoms (mega-caps weak but most stocks recovering).
- •Slope changes matter more than absolute level — the line trends up over decades.
Common questions
What is the advance-decline line?▾
The advance-decline line is a cumulative running total of net advances each day. If 280 stocks advance and 220 decline on a given day, you add (280 − 220) = +60 to the running total. It's plotted as a line over time. The historical purpose is to verify whether broad market action is confirming what the cap-weighted index is doing.
How is the A-D line calculated?▾
For the S&P 500: each day, count how many of the 500 stocks closed higher than the previous day (advances) and how many closed lower (declines). Take advances minus declines. Add that net to yesterday's A-D line value. Repeat daily. The starting value is arbitrary — what matters is the slope and any divergences from the index.
What is an A-D line divergence?▾
A divergence occurs when the index makes a new high but the A-D line fails to make a new high (bearish divergence) or vice versa (bullish divergence). Bearish divergences before major tops are common — the 2000, 2007, 2020, and 2022 tops all had clear A-D divergences in the months prior. False positives also occur, so divergences should be paired with other signals before acting on them.
Is the A-D line a leading or lagging indicator?▾
It's coincident with price most of the time and leads moderately at major turning points. Bearish divergences typically appear 2–8 weeks before major tops; bullish divergences (line rising while price falling) often appear within days of capitulation lows. It's not a precise timing tool but it's a reliable confirmation tool.
How accurate is the A-D line at calling tops?▾
A-D divergences have appeared before most major tops since the 1960s, but they've also appeared during many extended bull markets without a top following. The "hit rate" depends heavily on how strict you set the divergence definition and what other signals you require. Used alone, the A-D line is informative but not predictive; combined with VIX, credit, and other breadth indicators, it becomes a meaningful piece of a regime read.
New Highs minus New Lows (NH-NL)
Daily count of stocks at fresh 52-week highs minus those at fresh 52-week lows.
The New Highs minus New Lows indicator counts how many S&P 500 stocks made a 52-week high on a given day, then subtracts the number that made a 52-week low. When this net is positive and rising, the broad market is expanding to new strength; when it's negative and falling, more stocks are breaking down to fresh lows. It's a sensitive measure of market momentum at the extremes.
How to read it
- •Strong positive NH-NL (e.g., +50 or more on a 500-stock universe): broad expansion to new highs — bullish.
- •Strong negative NH-NL: broad breakdown — bearish.
- •Zero or near-zero readings: balanced, no decisive momentum at the extremes.
- •Divergence (SPY up, NH-NL flat or negative): rally is concentrated in fewer names.
- •NH-NL momentum (10-day average) smooths daily noise.
Common questions
What does new highs minus new lows tell us?▾
It tells you how many stocks are reaching fresh 12-month extremes — both up and down. A persistently positive net (more new highs than new lows) is a sign of a healthy bull market with broad participation. A persistently negative net is a sign of a deteriorating bear market with broad weakness. Sharp swings in either direction signal momentum shifts.
What is a "thrust" in new highs?▾
A breadth thrust is when the count of new highs spikes dramatically over a short period, typically signaling the start of a new uptrend. Classic examples: the post-Christmas-2018 thrust, post-COVID-March-2020 thrust, and the late-2022 thrust. Thrusts are rare and historically followed by strong forward returns over 6–12 month windows.
How does NH-NL differ from the A-D line?▾
The A-D line counts ANY net advance/decline each day — a stock that ticks up by 0.1% counts the same as one that hits a new high. NH-NL only counts stocks that hit fresh 52-week extremes. NH-NL is therefore a more sensitive measure of momentum at the tails — it captures expansion and contraction in market leadership/laggardship.
What is an NH-NL divergence?▾
A bearish NH-NL divergence is when SPY is making new highs but the count of new highs is falling — fewer stocks are participating in the new index high. The 2007 and 2021 tops both showed clear NH-NL divergences in the months before. False positives occur, especially in choppy periods, so divergences should be confirmed by other indicators.
Why do NH-NL spikes sometimes precede selloffs?▾
Extreme NH-NL spikes — say, 100+ net new highs on a normal trading day — are uncommon and typically appear at periods of frothy, possibly euphoric market positioning. Some research has shown that the very-highest-percentile readings have weak forward returns over the following 1–3 months, suggesting they're sentiment extremes that mean-revert.
Bullish Percent Index (BPI)
The percentage of stocks in the index currently on a Point & Figure buy signal.
The Bullish Percent Index (BPI) was developed by Abe Cohen in the 1950s and counts the percentage of stocks in a universe that are on a Point & Figure buy signal. A P&F buy signal occurs when a stock's X-column exceeds the previous X-column high; a sell signal is the inverse. BPI ranges from 0 to 100 and oscillates as stocks flip between buy and sell signals.
How to read it
- •Above 70: overbought — most stocks on buy signals; reversal risk elevated but timing imprecise.
- •Below 30: oversold — most stocks on sell signals; mean-reversion candidates.
- •50 line: middle ground; trend direction matters more than level.
- •BPI reversals from extremes (e.g., crossing back below 70 from above) are stronger signals than the extremes themselves.
- •Slow-moving — daily noise filtered by the P&F construction; major regime shifts visible over weeks.
Common questions
What is the Bullish Percent Index?▾
The Bullish Percent Index (BPI) is a market-breadth indicator that shows the percentage of stocks in an index currently on a Point & Figure (P&F) buy signal. P&F is a charting method that filters out daily noise by requiring a minimum price move to change column. BPI ranges 0–100; high values mean most stocks are technically bullish, low values mean most are technically bearish.
How is BPI calculated?▾
For each stock in the universe (S&P 500 in our case): construct a Point & Figure chart and check whether the most recent column action constitutes a buy signal (X-column exceeds previous X high) or sell signal (O-column exceeds previous O low). Count the buy-signaled stocks; divide by total stocks; multiply by 100 to get the BPI percentage.
What is a bullish or bearish BPI signal?▾
Bullish reversal: BPI crosses back above 30 from below — most stocks were on sell signals, now starting to flip to buy. Often coincides with intermediate-term lows. Bearish reversal: BPI crosses back below 70 from above — most stocks were on buy signals, now starting to flip to sell. Often coincides with intermediate-term tops. Crossing the 50 level in either direction is a less-extreme regime shift signal.
What's the difference between BPI and MA breadth?▾
Both measure breadth, but they use different definitions of "bullish". MA breadth checks each stock against its moving average — a binary check. BPI checks each stock against its previous Point & Figure column — a noise-filtered, momentum-aware check. BPI is slower-moving and tends to filter out small/short-term moves that MA breadth would react to.
How is BPI used in market timing?▾
Three main uses. (1) Identify regime: BPI > 50 with rising slope = bullish regime; BPI < 50 with falling slope = bearish. (2) Spot extremes: above 70 or below 30 are mean-reversion candidates. (3) Watch reversals: crossing back through 70 (down) or 30 (up) are the highest-conviction signals — they confirm a regime shift has begun. Pair with price and other breadth indicators for stronger reads.
How Market Breadth Indicators Works
- 1Compute breadth metrics across the S&P 500Each trading day after the close, we tally how many of the 500 S&P 500 stocks are above their 10-, 50-, and 100-day moving averages, count net advancing issues vs declining issues, count fresh 52-week highs vs lows, evaluate the Hindenburg Omen conditions, and compute the Bullish Percent Index from Point & Figure signals.
- 2Build the five breadth indicators with SPY overlayEach indicator is plotted alongside SPY so you can see whether breadth is confirming or diverging from the index price. Cumulative indicators (A-D line, NH-NL line) are integrated; ratio indicators (MA breadth %, BPI) are scaled 0–100; the Hindenburg Omen is rendered as discrete trigger flags.
- 3Switch between indicators via the tab interfaceThe tabs above (MA Breadth / A-D Line / NH-NL / Hindenburg Omen / BPI) load the corresponding chart. The time-range selector applies to all charts. Detailed methodology and FAQs for each indicator are below — always visible regardless of which tab is active.
Who Uses Market Breadth Indicators
Trend Traders
Confirm or contradict the index price action. When SPY is making new highs but breadth is deteriorating (A-D line falling, fewer stocks above the 50-day MA), the trend is suspect — fewer stocks are participating.
Swing Traders
Identify washouts and capitulation lows. Extreme negative breadth readings (e.g., MA breadth < 10%, NH-NL deeply negative) often coincide with short-term oversold conditions and potential reversal points.
Long-Term Investors
Watch for regime change. A persistent narrowing of breadth — fewer stocks driving the index higher — has historically preceded major drawdowns. The Hindenburg Omen is one specific quantification of this concern.
Risk Managers
Composite read across multiple breadth dimensions. No single indicator is reliable on its own; the combined signal across MA breadth, A-D line, NH-NL, and BPI is far more useful than any one.
Pro Tips
01
Watch for breadth divergence from price
The classic warning is SPY making a new high while the A-D line, NH-NL line, or % stocks above 50-day MA fails to make a new high. Divergences don't always resolve into selloffs, but they're a meaningful loss of confirmation.
02
Combine indicators — none is reliable alone
A single breadth signal can be noisy. The most reliable read is when multiple breadth indicators agree: MA breadth weakening AND A-D line falling AND NH-NL turning negative. That kind of multi-indicator agreement filters most false positives.
03
Extreme oversold readings often mark short-term lows
% stocks above 50-day MA below ~10%, NH-NL deeply negative, BPI below 30 — these extreme readings have historically been better at calling capitulation lows than sustained bear regimes. Pair with VIX backwardation for stronger reads.
04
Rising MA breadth with rising SPY = healthy bull
When the index AND breadth metrics are both rising, the rally is broad-based and historically more durable than narrow rallies driven by a few mega-cap names.
05
Hindenburg Omen has a high false-positive rate
The omen has triggered before some major drawdowns (notably 2007 and 2020) but also during many extended bull markets where nothing happened. Treat it as one input among many, not a standalone sell signal.
06
Breadth recovery often leads price recovery
After a major selloff, breadth indicators (especially the A-D line and NH-NL) tend to bottom and start recovering before the index does. This is a useful early sign that the worst of a downturn may be behind.
07
BPI extremes are mean-reverting more than trending
The Bullish Percent Index above 70 historically signals overbought conditions and below 30 signals oversold — but the time it spends at extremes is short. Reversals from extremes are typically the trade, not extension at the extreme.
08
Pair breadth with VIX, credit, and price
Breadth is one leg of a multi-asset risk read. The most reliable trading regimes show breadth, vol (VIX), and credit (HYG/LQD) all confirming. When all three say the same thing, the signal is strongest.
Common Issues & Solutions
Why does the A-D line keep rising even in flat markets?▾
The A-D line is a cumulative running total — each day with more advancers than decliners adds to it. Over years of mostly positive markets, the line trends up structurally even when prices are sideways. Look for changes in slope and divergences, not absolute levels.
The NH-NL chart shows a recent zero — does that mean zero stocks at new highs/lows?▾
It means net new highs minus net new lows equals zero on that day — the same number of S&P stocks made 52-week highs as made 52-week lows. Mid-cycle market days often net to zero or small numbers; expansion in either direction is the meaningful signal.
I see no Hindenburg Omen triggers in the data window▾
The omen has strict trigger conditions and rarely fires. Long stretches without a trigger are normal. The omen is most active during volatile transitional regimes (e.g., late 2007, mid-2010, mid-2014, mid-2019) where breadth is mixed.
Why does my BPI reading differ from charts I see elsewhere?▾
BPI calculations differ slightly by data source — the universe (S&P 500 vs NYSE composite vs all-stocks), the Point & Figure box size and reversal amount, and the timing of signal recognition all vary. Our BPI uses the S&P 500 universe with standard P&F parameters; values are directionally consistent with other sources but may not match exactly.
Frequently Asked Questions
What is market breadth?▾
Market breadth measures how many stocks are participating in a market move, as opposed to just looking at the index price. The S&P 500 is cap-weighted, so a handful of mega-caps can drive the index higher even while the average stock declines. Breadth indicators count things like advancing vs declining issues, new highs vs new lows, and the percentage of stocks above their moving averages — to reveal whether a rally is broad-based or narrow.
Why does market breadth matter?▾
Because index prices can mislead. A "narrow" rally driven by a few mega-cap names can look bullish on a chart but is historically less durable than a rally where most stocks are participating. Tracking breadth helps separate healthy uptrends from late-cycle, narrow ones.
What is a "narrow" market?▾
A narrow market is one where a small number of stocks are responsible for most of the index gains while the average stock is flat or declining. The 1999–2000 dot-com top, the 2007 cycle peak, and the late-2024/early-2025 mega-cap concentration are commonly cited examples. Narrow markets often precede mean-reversion or broader corrections.
Can market breadth predict a market crash?▾
Breadth deterioration has preceded most major drawdowns, but it has also produced many false positives — periods where breadth weakened without a meaningful selloff following. The Hindenburg Omen specifically attempts to capture crash conditions but has a high false-positive rate. Treat breadth as one input among several, not a standalone forecast.
What is the difference between price action and market breadth?▾
Price action is what the index is doing. Breadth is what the underlying stocks are doing. They're often confirmatory but can diverge — a divergence (index up, breadth down) is one of the most-watched warning signals in technical analysis.
Are breadth indicators leading or lagging?▾
Mixed. Some breadth indicators (% stocks above 50-day MA, A-D line) are roughly coincident with price. Others (NH-NL momentum, Hindenburg Omen, BPI extremes) sometimes lead price by days to weeks. None are reliable enough alone to be called purely "leading" — best used as confirmation tools.
How do I use breadth indicators in trading?▾
Three common uses. (1) Confirmation: trade in the direction of price only when breadth agrees. (2) Divergence warning: reduce risk or hedge when price makes new highs but breadth doesn't. (3) Capitulation entry: take long positions when breadth hits extreme oversold (e.g., MA breadth < 10%, BPI < 30) alongside other capitulation signals.
What is a healthy breadth reading?▾
A healthy bull market typically shows: > 60% of stocks above their 50-day MA, a rising and confirming A-D line, expanding new highs vs new lows, BPI in the 50–70 range, and no active Hindenburg Omen triggers. Numbers outside these bands aren't always bearish, but persistent weakness on multiple indicators is a meaningful warning.
What is the difference between breadth and momentum?▾
Momentum measures the rate of price change over a defined window (e.g., 90-day return). Breadth measures the participation across stocks. Momentum is about how fast something is moving; breadth is about how many things are moving together. Both matter — they answer different questions.
Why combine multiple breadth indicators?▾
No single breadth indicator is reliable on its own. Each one captures a slightly different dimension — the A-D line tracks net direction, NH-NL tracks new-extreme expansion, MA breadth tracks moving-average alignment, BPI tracks Point & Figure status, and the Hindenburg Omen tracks specific divergence conditions. The most reliable signal is when multiple indicators agree.
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Last updated: 2026-05-14