Bulls Just Fired Their First Shot Since May 💥

Today's number is... 90.1%

Short-term participation exploded on Friday, with 90.1% of S&P 500 stocks finishing above their 10-day moving average, our first 10-day breadth thrust since May.

Here’s the chart:

Let's break down what the chart shows:

• The top panel displays the S&P 500 daily close in black.
• The lower panel plots the percentage of S&P 500 stocks above their 10-day moving average as a black line.
• A red horizontal line marks the 90% thrust level.

The Takeaway: Breadth is the market’s early warning system. It measures how many stocks are actually participating in a move, not just what the index prints.

When participation rips higher across the board, we call it a breadth thrust.

The 10-day thrust is one of the quickest versions of that signal.

It hits fast, it shows urgency, and it often fires before anything else. Short-term returns can be choppy, but the message is clear. Buyers just pushed a huge share of the index back above their short-term trends.

That is a constructive flip.

The long-term data is hard to ignore. Past 10-day thrusts have led to 13.4% gains over the next year with a 92% win rate. Those kinds of outcomes show what happens when participation expands.

What matters now is whether this spark pulls in the heavier thrusts.

Strong markets usually see the more powerful signals follow, the ones that turn a quick burst into something that lasts. If breadth keeps expanding from here, the next set of thrusts will tell the real story.

Friday gave us the first move.

The next step is simple.

If a Zweig Breadth Thrust or Whaley Breadth Thrust fires in the coming days, breadth shifts from spark to full acceleration. Is this the start of that sequence?

Let me know! 

Grant Hawkridge | Chief Aussie Operator, All Star Charts

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