| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Equity breadth | 0.00 | 25.00 | 0.00 | 100.00 |
| S&P 500 | 0.00 | 0.00 | 0.00 | 100.00 |
| Nasdaq-100 | 0.00 | 0.00 | 0.00 | 100.00 |
| Dow | 0.00 | 100.00 | 0.00 | 100.00 |
| Russell 2000 | 0.00 | 0.00 | 0.00 | 100.00 |
binary_i = NetOI_i > trailingMedian_i ? 1 : 0; breadth = 100 × sum(binary_i) / validContractsEach of four equity-index futures (S&P 500, Nasdaq-100, Dow, Russell 2000) is checked against its trailing median Net/OI. Breadth is the percentage of valid contracts where Leveraged Funds holds a Net/OI above that trailing median. When all four contracts are above their medians, breadth is 100; when none are, it is 0. The breadth line starts once at least three of the four contracts have 104 weeks of history.
As of 4 August 2026, the latest reading is 25.00%. That is up 0.0 pp over the past year and below its long-run median of 33.33%.
A high breadth reading means speculative bullishness is broad: funds are above-median in many indices at once, the setup most associated with equity rallies carrying speculative support. A low reading means bearishness or low conviction is widespread. Breadth extremes signal consensus: when all four indices sit on the same side, the positioning is crowded and reversal risk is higher than when breadth is middling.
Leveraged Funds are structurally net-short equity futures (they hedge long cash equity), so a raw Net/OI comparison across indices would compare structurally different ranges. The median of each index's own history is the natural dividing line: it cuts a contract's own range in half and does not presume a fixed 'bullish' threshold that has never applied to a net-short cohort.
The median is trailing and reflects the past 104+ weeks, so regime shifts (e.g. the 2020 crash) are absorbed gradually. The binary above/below discards magnitude. A reading barely above the median and one at an all-time high both count as '1'. Treat the chart as a cross-index breadth gauge, not investment advice.
Rallies and sell-offs differ by whether they are broad or narrow across the index suite. Breadth near extremes signals a consensus that, when it breaks, can act as a unwinding catalyst.
As of 4 August 2026, the latest reading is 25.00%. That is up 0.0 pp over the past year and below its long-run median of 33.33%.
This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Equity breadth, S&P 500, Nasdaq-100, Dow and Russell 2000, sourced from the CFTC Commitments of Traders report.
Leveraged funds are the fastest-moving cohort and the main speculative driver; asset-manager positions move slowly and reflect structural allocation. The breadth signal responds to the speculative side.
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