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// MARKET BREADTH
How much of the market is running Hot?
Every night we classify each of 1,230+ covered assets into a market regime. Add them up and you get breadth: the share of the whole market our model reads as Hot, Calm or Cool — today, and every day since 2021. It is a description of where things stand, not a forecast.
Today's read
Breadth since 2021
This is the part a single day can't tell you. Breadth swings — and watching it move is how you see the market's mood change rather than guessing from one number.
Loading the breadth history…
% in a Hot regime
% in a Cool regime
Complete sessions only · end-of-day
Exactly how it's built
Each night, every covered asset is classified into a market regime band — Hot (a more active pattern), Calm or Cool (a lower pattern) — by a Hidden Markov Model reading the statistical structure of its price behaviour. Breadth is simply the share of assets in each regime, unweighted: every asset counts once, whether it's a $3T mega-cap or a small BIST name. We only count complete trading sessions (a day still filling in is dropped, so the line never lies about a half-finished day). No index weighting, no cherry-picked universe — it is the whole covered universe, counted.
How to read it — honestly
Notice what the history shows: the Hot share has ranged roughly 21% to 45% over five years and has never reached half the market. That is normal and worth internalising — "most of the market is running Hot" is close to a myth; even in strong stretches, plenty of names are in a Calm or Cool pattern. What matters is the direction of travel: breadth rising means participation is broadening, breadth falling while indices hold up means fewer names are carrying the load.
And the boundaries: this is descriptive, not predictive. It tells you the state the model reads today; it does not forecast tomorrow, it is not a signal to buy or sell anything, and it is unweighted so it will not match a cap-weighted index. Decisions are yours.
First 250 members · every feature free until 1 January 2027
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