Market breadth

Advancers and decliners are counted on each instrument's close-to-close return: up if it rose more than 0.05%, down if it fell more than that, flat between. The advance/decline line adds each day's advancers minus decliners to the day before, so it rises while more of the market goes up than down and falls while more goes down. Its level means nothing on its own; its direction, and whether it agrees with the indices, is the reading.

The share above the 20-day average counts instruments whose close is above the mean of their own last 20 closes. It is a participation gauge: near 100% the whole market is above its recent norm, near 0% almost none is. New 20-day highs and lows count the instruments closing at the top or the bottom of their own last 20 closes.

Every figure is measured within each instrument's own series. The days are those most of the market traded; weekends, when only crypto trades, are left out of these charts. An instrument that did not trade on a day is left out of that day rather than counted as flat, and one with fewer than 20 closes is not yet measured on the 20-day figures. The universe is the curated one, across forex, metals, crypto, commodities, indices, rates and stocks, so the board-wide figures mix asset classes; the class panel separates them.

Breadth describes what already happened. It is not a timing signal, and a market can rise on narrow breadth, or fall on broad breadth, for a long time.