Disclaimer: I am not a registered investor, legal counsel, tax adviser, or broker/dealer. Any securities market analysis presented is based on my own research and understanding. While efforts are made to ensure accuracy and reliability, all information is provided for reference purposes only. It should not be construed as advice or a recommendation for making any specific investment or trading decisions. Investing in the stock market involves risks, and trading should be approached with caution. Investors are encouraged to conduct their own research and consider their financial situation, investment objectives, and risk tolerance before making any investment decisions. Any gains or losses incurred through investing or trading are the responsibility of the investor, and past performance is not indicative of future results.
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Introduction
SPY, S&P500 ETF, contains 500 large-cap U.S. stocks. These stocks are selected by a committee based on the market size, liquidity, and industry. 500 companies are separated into 11 industries by GICS (Global Industry Classification Standards). The numbers shown in the “SP500 Market Breadth” means the percentage of companies is above SMA20 (Simple-Moving-Average 20 days). The last column named “Breadth” would be the total score of the day.
I would gather 200 days’ data to plot this graph. As we can see, the market is always going forward to the dark red (Breadth<100) from dark green (Breadth>1000), or the other way around. I would be patient enough to find a trading opportunity or plan a long position strategy if the score of the day is below then 200, or try to close my position if the score is over 900.
Furthermore, if we look at this data over a long period of time, we can see that there may be an industry in a relatively strong position on the way to an overall downward trend. At that time, I will spend more time doing some research or studying this industry because it may provide me with more trading opportunities. On the other hand, if in the course of an overall upward trend, there are individual industries that cannot keep up with the average growth rate, then I will probably pay less attention to it for some time to come.