Weekly Market Breadth Report — November 06, 2026

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

Market Overview

S&P 500 fell this week (-2.7%) to 7,377. MSCI World (ACWI) lost -2.4% to 152. Momentum is mid-range (3/6) while trend structure is weak (1/6). The trend has been broken but momentum has not collapsed — the strongest setup in our backtest: +3.4% average over the following 4 weeks vs +1.1% baseline. Best performer: Hang Seng (+5.1%). Weakest: Nikkei 225 (-9.3%).

Signal balance is near its 1-year norm — nothing unusual this week.

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: Fell -2.7% to 7,377. Breadth confirms the weakness.
• 🔴 MSCI World (ACWI): Lost -2.4% — selling pressure is global.
• 🟢 MSCI World fired a bullish stochastic cross on Wednesday (chart, Nov 4, index at 4,922) — slow %K turned up through %D from the oversold zone. Since 2015, the five sessions after this cross have averaged +0.7% against +0.2% for a typical five-session stretch, finishing positive 68% of the time (n=103). A modest historical tilt, not a forecast.
• 🟢 The week's bullish theme is China. 7 of the top 8 industry surges are China groups with +4% to +19% price weeks.
• 🔴 The weak side is one theme too — United States. 3 of the bottom 8 industry readings are United States groups.
• 🔴 USO is the outlier on the ETF board — net -9 signals, -2.1σ vs its one-year norm. Stretched readings more often mean-revert than continue, but the pressure has been persistent.

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:

Signal laggards:

The read. The leaders are one theme — China (capital markets - other, solar, electronic gaming & multimedia, internet content & information) — and their bullish fires are dominated by the trend family: China Solar logged 285 bullish signals this week, 206 of them trend-type (breakouts, structure, moving-average confirmations) against 74 oversold-type. That is a rally the engine is confirming, not bottom-fishing.

The laggards are equally one theme — United States — and there the composition inverts: of Asia ex-JP/CN Electronic Components's 1,247 bearish fires this week, 1,202 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 84 bullish fires in Asia ex-JP/CN Electronic Components, and 80 of them were mean-reversion signals — oversold readings, not trend signals (1 other group in the laggard list printed the same pattern). 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.

5 divergence flags tripped this week (5 hidden-base), but no cross-regional cluster — no sector set off the same flag in two or more regions, which is the coincidence we treat as signal.

Leadership changes worth noting (which industry drives its group's signal activity): - Japan Consumer Cyclical — Japan Auto took the lead from Japan Travel & Leisure (11-05). - Japan Internet & Media — Japan Internet Content & Information took the lead from Japan Electronic Gaming & Multimedia (11-05).

Sharpest single-day surprises: United States Drug Manufacturers - Specialty & Generic printed a -76 net signal day on 11-05 (-3.8σ); Japan Auto Manufacturers printed a +40 net signal day on 11-05 (+3.8σ) — 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: China leads on both counts: +4.4% on the week with a +14,985 cumulative signal net (+1.5σ vs its own year) — the only region where price strength and participation agree at scale. United States is red on both counts: -2.1% with a -1.4σ signal week. Japan is red on both counts: -4.4% with a -1.4σ signal week.

Momentum Breadth

RSI Extremes weekly net (bars) with S&P 500 price (right axis). 1Y z-score: +2.2.

Trend Breadth

Fresh 52W High/Low weekly net (bars) with S&P 500 price (right axis). 1Y z-score: -2.2.

Pattern Breadth

Major ETF Signals

The one reading that stands out: USO (Oil (USO)) at a net -9 signal count, 2.1 standard deviations below its one-year norm — the most stretched reading on the board. Readings this stretched have more often marked exhaustion than acceleration, but we'd want to see the first bullish trend-family signal before calling it.

USO weekly net signals (bars) with USO price (blue line, right axis). 1Y z-score: -2.1.

Sector Breadth (Advance/Decline)

On the other side, Energy is running -2.8σ below its one-year A/D norm.

Energy sector weekly A/D net with S&P 500 price (right axis). 1Y z-score: -2.8.

What to Watch Next Week

1. Asia ex-JP/CN Semiconductors - Other's weekly net. The final-session oversold wave (64 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. Breakout / Breakdown at +16 — still hugging zero, second week.
3. USO — the first bullish trend-family signal would mark the turn we're watching for.
4. The confirmed rallies (Asia ex-JP/CN and China groups, +7% to +19% price weeks): whether trend-family confirmation persists, or the moves digest.

Last Week We Said

From our report of Oct 30, 2026:

• 🟡 S&P 500: Flat this week at 7,580 (-0.6%).
• 🟢 Breadth: Momentum is mid-range (3/6) while trend structure is weak (1/6). The trend has been broken but momentum has not collapsed — the strongest setup in our backtest: +3.4% average over the following 4 weeks vs +1.1% baseline (p<0.01). Trend is starting to recover from its lows.
• 🟢 MSCI World fired a bullish stochastic cross on Monday (chart, Oct 26, index at 4,901) — slow %K turned up through %D from the oversold zone. Since 2015, the five sessions after this cross have averaged +

Last week's report leaned bullish (2 green, 2 amber, 0 red). What happened: the S&P fell -2.7%. Wrong side. The bullish lean was wrong for the week. 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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