Market State
Available on: Web · iOS · Android
On this page
The Market State card describes the market you are trading in. For one group of stocks it answers four questions: how many stocks are joining in, whether the money agrees, whether a few names or the whole market are doing the moving, and whether stocks move together or on their own news. An index chart shows you where prices went. This card shows you how broad the move behind them was.
Each number stands alone, beside where it sits in its own past year. There is no combined score. Market breadth and regime metrics defines every number.
Tour
Each row is one metric. Read the Today value against its vs 1y rank.
- ⓘ: what the card measures.
- Explain: opens the AI Terminal with a prompt to explain this reading against its past year.
- Top 500, Top 1000, Next 2,000, All listed: the cohort the card reads. See Cohorts.
- As of and of N stocks: the session the numbers describe, and how many stocks were in the cohort that day.
- Event chips: breadth events that fired this session, such as 90% up day. "No breadth events this session" when none did.
- Sections: Participation, Volume, Concentration and Co-movement, each under the question it answers.
- Footer: End-of-day data, the cohort's rule, and What do these mean?, which opens Market breadth and regime metrics.
Each metric row has four columns:
The dot places today's value on the metric's own fixed scale. Teal sits at the broad, participating end, orange at the narrow end and gray in the middle. Metrics with no better end, such as Volume vs normal and Average correlation, use a purple-to-yellow scale instead. Rotation strength has no fixed scale, so its dot shows its rank in its own past year.
Hover a metric's ⓘ for what it measures, and click it to open its section in the metric reference. Hover an event chip for its definition, or click it for its section. Hover a column heading to see how the column works.
Create and configure
- Add the Market State card to your dashboard. Your dashboard shows how.
- Pick a cohort with the buttons at the top of the card. The card keeps your choice.
- Open the card's settings to rename it, set its cohort and choose what it shows.
In the settings, View switches between One group and Compare groups. You can also flip the view with the two icons next to the cohort buttons.
Open a metric's history
Click a metric's row to see its whole history. The chart opens on a window you pick: 3M, 1Y, 5Y or Max. Max goes back to the start of the cohort's history.
The history opens in a dialog. It adds:
- Moving averages: trailing 20-, 50- and 200-session averages of the metric. The 50 is on by default. Where today sits against the average shows whether the level is unusual for the recent past.
- Overlay: a ticker's daily close on its own scale at the right. SPY by default. Type another ticker to compare.
- Color by level: colors the line in the same colors as the Today dot, so a level keeps its color in every window.
Switch View to Compare groups to see all four cohorts in one table, with today's readings only. Each dot is colored by where the reading sits in its own cohort's past year, not against the other cohorts. The cohorts are built differently, so one level can be ordinary for one and unusual for another.
When the Top 500 and the Next 2,000 both sit at least 20 points from P50 on a metric, on opposite sides, the card flags it: "Top 500 and Next 2,000 disagree". The biggest stocks and the rest are telling different stories on that metric.
Click a cell to open that metric's history for that cohort.
Reference
Cohorts
A cohort is a group of stocks picked by a fixed rule. Every number on the card describes one cohort.
The three liquidity cohorts are re-ranked once a month, using only the trading data that existed at the time. A cohort's history is what that cohort looked like on each day, not today's winners projected backwards. All listed starts in 2017, where the record of delisted companies becomes complete enough to trust.
Comparing Top 500 with Next 2,000 shows you whether smaller companies agree with the large ones. Large companies can hold an index up while smaller ones fall.
Card settings
Plans
On Free and Super, the Super Pro sections show "Upgrade to read volume, concentration and co-movement".
Data cadence
The card uses end-of-day data. Nothing on it is intraday. A session's numbers appear once the market has closed and the day's data is processed, so during the trading day the card shows the last full session. The As of date tells you which one.
Tips
- Read vs 1y before Today. 60% of stocks above their 50-day average is ordinary in a bull market and unusual after a sell-off. The rank tells you which.
- Switch between Top 500 and Next 2,000 before you trust an index move. If the large stocks rise while the next 2,000 fall, the move is narrow.
- Open a metric's history with the SPY overlay to see how past readings lined up with the index.
- Treat the card as context for your scans, not as a signal. None of its numbers has been shown to predict returns.