Market breadth Updated 6 Nov 2026
Fear & Greed Index
A rules-based view of market participation—and how that signal changes the balance between stocks and cash.
Latest recorded breadth
62.0% uptrending
Share of eligible reviewed common stocks at or above their 120-session exponential moving average.
Model exposure
Current allocation
100.0% invested in stocks and 0.0% cash.
- S&P 500
- 100.0%
- Cash
- 0.0%
As of 6 Nov 2026
Market participation
Current breadth history
Higher readings mean more stocks are participating in the market’s advance.
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Dated observations
Recent Fear & Greed readings
PyInvesting's six-month EMA market breadth, not CNN's seven-input sentiment index.
| Date | Stocks above six-month EMA | Breadth label |
|---|---|---|
| 62.0% | Greed | |
| 64.2% | Greed | |
| 72.2% | Greed | |
| 64.9% | Greed | |
| 66.9% | Greed |
These updating observations are separate from the fixed September 2026 research download below. A breadth label describes market participation; it is not a forecast or a standalone buy or sell instruction.
Reproducible research
Fear & Greed history, data and interpretation
Understand the reading, inspect the evidence and keep the assumptions visible.
Archived September 2026 breadth study
These 1,038 Friday snapshots use the earlier calculation, which counted some stocks that were not yet eligible or lacked enough price history as downtrending. They are preserved unchanged and are not the corrected index history.
Download the archived weekly CSVPyInvesting breadth versus CNN sentiment
This six-month EMA breadth measure is distinct from CNN's seven-input index. Their readings and labels can disagree.
Work through an allocation rule
Separate an observed signal from a hypothetical stock-and-cash decision, timing assumptions and implementation costs.
Choose a backtesting methodThe archived CSV is an unchanged snapshot captured on 5 September 2026, ending 4 September 2026. Its earlier calculation distorted the breadth denominator; it is not the corrected index history and must not be combined with the updating history chart as one series. It does not establish point-in-time constituent membership.
Risk response
How the signal changes portfolio exposure
As fewer stocks remain in an uptrend, the model raises cash. As participation recovers, it moves back toward equities.
The index observes the percentage of stocks above their six-month exponential moving average. Broad participation supports a larger equity allocation; weakening participation increases the cash allocation.
This is a systematic risk-management rule, not a prediction of the market’s next move. It can reduce exposure during prolonged weakness, but it can also react after prices have already moved.
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Backtest evidence
Historical risk-managed performance
Compare an illustrative S&P 500 allocation using the model’s cash signal with an S&P 500 buy-and-hold benchmark.
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Illustrative retrospective backtest using a fixed reviewed common-stock sample and vendor-adjusted historical prices; constituent membership is not point-in-time qualified. The comparison holds SPY and USD cash. Signals are observed after the close and orders execute no earlier than the next observed open, with 10 basis points of adverse slippage per side and a 1% session-volume limit. Buys are cash funded; explicit brokerage fees and cash interest are zero, and taxes are excluded. Results do not represent live performance.
Methodology
How to interpret this index
Use the reading as one input to a defined investment process, not as a standalone instruction to buy or sell.
What fear and greed describe
“Fear” and “greed” are plain-language labels for weak and strong market participation. The measurement itself is mechanical: how many stocks remain above a medium-term trend line.
The denominator includes only reviewed common stocks with a ready 120-session EMA, a current observation, a raw decision price of at least US$5 and prior 20-session average raw dollar volume of at least US$1 million. Missing observations and insufficient histories are excluded. This fixed sample is narrower than the whole market.
At 50% breadth or higher, the target equity allocation is 100%. Below 50%, twice the breadth percentage gives the equity target, rounded to the nearest five percentage points; the balance stays in cash. The displayed allocation records held exposure after executions and may differ from the latest target.
A low reading can persist during a drawdown, while a high reading can remain elevated through a long advance. The regime label is context, not a turning-point forecast.
How this differs from CNN
CNN’s Fear & Greed Index combines seven market indicators, including momentum, options activity, volatility, and safe-haven demand. PyInvesting uses one transparent market-breadth rule and connects it directly to a testable stock-and-cash allocation.
The narrower method is easier to reproduce, but it captures less information. The two indices should not be expected to report the same regime.