Market Breadth Momentum — See What the Indexes Won't Tell YouState Street SPDR S&P 500 ETFAMEX:SPYConfluenceTTMost traders watch the S&P 500 or Nasdaq and assume they know what the market is doing. But the indexes can lie — a handful of mega-caps can drag SPY higher while the majority of stocks are rolling over. That's why breadth matters. Market Breadth Momentum tracks NYSE New Highs vs New Lows and turns that raw data into a momentum oscillator you can actually trade with. Instead of just counting highs and lows, it applies smoothing and momentum calculations to show you whether breadth is accelerating or decelerating — and that distinction is everything. Here's what it gives you: - A momentum oscillator that tells you when broad participation is expanding (bullish) or contracting (bearish) - Clear divergence signals — when the index is making new highs but breadth momentum is falling, that's your early warning - Works on any timeframe, but the daily is where it really shines for swing traders The power of this indicator is in catching the turns that price alone won't show you. A rally on declining breadth is living on borrowed time. A pullback with improving breadth is a buying opportunity most people miss because they're scared of the red candles. If you trade the broader market or need a filter to confirm your individual stock setups, this is one of the most useful tools you can add to your chart. Published on TradingView — built by Confluence Trading Tools.