Weekly Market Breadth Report — September 11, 2026

Generated automatically from Chartlas market data; methodology at /docs/methodology. Not investment advice.

Market Overview

S&P 500 was roughly flat this week (-0.8%) to 7,657. MSCI World (ACWI) lost -1.0% to 160. Momentum is weak (1/6) while trend is in the mid-range (2/6). Short-term selling pressure within a mixed structural backdrop — below-average forward returns historically. Best performer: NASDAQ Composite (-0.7%). Weakest: Hang Seng (-3.3%).

This week's net balance skews bearish relative to the 1-year norm (z=-1.3).

S&P 500 with regime episode markers — one marker per episode, matching the /regime monitor. Green = washouts / 90% up-volume days, red = global Hindenburg episodes / 90% down-volume days.

Key Takeaways

• 🟡 S&P 500: Flat this week at 7,657 (-0.8%).
• 🔴 MSCI World (ACWI): Lost -1.0% — selling pressure is global.
• 🔴 The weak side is one theme too — United States. 3 of the bottom 8 industry readings are United States groups.
• 🟡 Consumer Defensive tripped the thin-rally flag in 3 regions this week (Asia ex-JP/CN, Western Europe, Eastern Europe; 325 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.
• 🟡 Basic Materials tripped the thin-rally flag in 2 regions this week (Asia ex-JP/CN, Western Europe; 557 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.
• 🟡 Financial Services tripped the thin-rally flag in 4 regions this week (Japan, Latin America, Western Europe, Asia ex-JP/CN; 738 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.

Stocks with the Most Signals

Large-cap stocks ($10B+) with 5+ signals fired this week.

Regime Monitor

The three breadth conditions that carried a measured forward edge in our backtest, tracked as episodes. Full detail at chartlas.com/regime.

How we read it: nothing on the board argues for either aggression or defense right now — the washout gauge sits at 57%, mid-zone. The overbought line at 80% is the nearer boundary if the current move extends. 3 global Hindenburg episodes inside twelve months is above the long-run cadence of roughly two — the split-market condition (heavy new highs and new lows together) keeps recurring, and the month after an episode has averaged about three points below a typical month in our history. The most recent (Jun 1, 2026) is stale; a fresh one would move this from footnote to headline. No 90% volume days this week (last down-day episode: Dec 31, 2025).

Where the Signals Are — Industry Scan

The week's cumulative signal net per industry (Investable universe), scored against that industry's own year of weekly readings. Click any name to open it in the Explorer.

Bars: the week's cumulative signal-net vs the group's own year of weeks. Labels: the same group's 1-week price move.

Signal leaders: no industry cleared the ±1.8σ bar this week.

Signal laggards:

The read. The laggards are equally one theme — United States — and there the composition inverts: of United States Biotechnology's 1,048 bearish fires this week, 831 were trend-family breakdowns. Downtrend intact — another week, more groups.

The oversold nuance — read this before buying the dip. Inside that net-bearish week, the final session alone produced 128 bullish fires in United States Biotechnology, and 94 of them were mean-reversion signals — oversold readings, not trend signals. The sell-off has pushed an unusually broad share of the group to statistically stretched levels. Readings like that are dip signals inside an intact downtrend — they mark where bounce candidates live, not a trend reversal. The tell that would change our read is the weekly net flipping positive. Until then, oversold means "stretched," not "safe."

Rotation & Divergences

Structural flags from the CHRT tree this week.

Consumer Defensive tripped the thin-rally flag in 3 regions this week (Asia ex-JP/CN, Western Europe, Eastern Europe; 325 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.

Basic Materials tripped the thin-rally flag in 2 regions this week (Asia ex-JP/CN, Western Europe; 557 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.

Financial Services tripped the thin-rally flag in 4 regions this week (Japan, Latin America, Western Europe, Asia ex-JP/CN; 738 members combined) — prices at or near one-year highs while 10-day breadth runs negative. The same flag, same sector, independently across regions: the rally has outrun its own participation. It resolves by breadth catching up or price coming back.

Leadership changes worth noting (which industry drives its group's signal activity): - China Financial Services — China Credit & Other took the lead from China Capital Markets (09-07). - Asia ex-JP/CN Insurance — Asia ex-JP/CN Insurance - Property & Casualty took the lead from Asia ex-JP/CN Insurance - Life (09-08).

Sharpest single-day surprises: Western Europe Banks - Diversified printed a -31 net signal day on 09-09 (-2.3σ); Western Europe Internet & Media printed a +60 net signal day on 09-11 (+2.3σ) — worth a look if you own the space.

Geography Scan

The week's cumulative signal net per region vs that region's own year of weekly readings, alongside the week's price move.

Bars: the week's cumulative signal-net vs each region's own year of weeks. Diamonds: 1-week price move.

The read: Latin America is the disagreement worth watching: +2.2% on the week — the best price move of any region — while its signal net finished at -300 (-0.8σ, below its one-year norm). A rally the internals aren't attending is not automatically doomed, but it is the pattern we flag. United States is red on both counts: -2.8% with a -1.4σ signal week.

Momentum Breadth

Advance / Decline weekly net (bars) with S&P 500 price (right axis). 1Y z-score: -1.8.

Trend Breadth

200 DMA Breadth weekly net (bars) with S&P 500 price (right axis). 1Y z-score: -1.4.

Pattern Breadth

Major ETF Signals

ETF board quiet again — 3 weeks running inside 2σ.

TLT weekly net signals (bars) with TLT price (blue line, right axis). 1Y z-score: -1.8.

Sector Breadth (Advance/Decline)

On the other side, Consumer Defensive, Real Estate and Healthcare are running -2.0σ, -2.3σ, -2.0σ below their one-year A/D norm.

Real Estate sector weekly A/D net with S&P 500 price (right axis). 1Y z-score: -2.4.

What to Watch Next Week

1. United States Biotechnology's weekly net. The final-session oversold wave (94 mean-reversion bullish fires) landed inside a week of trend breakdowns. The tell is the weekly net flipping positive — until then it's a bounce setup inside a downtrend, not a turn.
2. The thin-rally flags. Either breadth catches up (flags resolve quietly) or the first red week hits these groups hardest.
3. Latin America's internals. A positive signal week would validate the price move; another negative one deepens the flag.
4. MA Cross (Golden/Death) at -1 sits a nudge from zero.

Last Week We Said

From our report of Sep 4, 2026:

• 🟡 S&P 500: Flat this week at 7,719 (+0.1%).
• 🟡 Breadth: Momentum is weak (1/6) while trend is in the mid-range (4/6). Short-term selling pressure within a mixed structural backdrop — below-average forward returns. Momentum just weakened — a fresh deterioration in short-term indicators.
• 🔴 The weak side is one theme too — Eastern Europe. 3 of the bottom 8 industry readings are Eastern Europe groups.

Last week's report leaned cautious (0 green, 5 amber, 1 red). What happened: the S&P fell -0.8%. Score it a hit. The tally continues next week.

Generated by Chartlas — equity screening & signal alerts for discretionary investors. Forward-return references are averages from our 2015–2026 backtest on ~31,000 securities; they are tendencies, not predictions. Full methodology on the Regime and Breadth pages. Not investment advice.

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