Breadth S&P100 / Nasdaq100

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Breadth S&P100 / Nasdaq100

The indicator calculates the ratio between the two widths (S1F1/N1F1)
The dotted line at 1.00 is the equilibrium level
Above 1.00 = Stronger S&P 100 (Risk in the S&P)
Below 1.00 = Stronger Nasdaq 100

The indicator is simply the ratio S1FI ÷ NDFI, where:

S1FI = % of S&P 100 stocks above the 50-day moving average (MA50)
NDFI = % of Nasdaq 100 stocks above the MA50

Interpretation:

Above 1.00 → market moving towards value (S&P stronger)
Below 1.00 → market moving towards technology (Nasdaq stronger)

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