Small-cap participation
IWM/SPY · One of the nine sensors MacroLens watches daily.
What it measures: Small companies vs. the giants
How to read it: Rising = the rally is broad; falling = a few giants carrying everything
Why investors watch it: Historically, narrow markets led by a handful of mega-caps have been more fragile than broad ones — this measures how many soldiers are marching, not just the generals
Currently neutral — held 3 trading days. Mixed participation — neither broad strength nor pronounced narrowness Last change: Jul 7, 2026.
What would flip this reading: This reading shifts toward a new trend as it crosses its 21-day average (0.398); today it sits 0.6% away.
Flip history
| Date | Change | Reading |
|---|---|---|
| Jul 7, 2026 | bullish → neutral | 0.396 |
| Jun 18, 2026 | neutral → bullish | 0.396 |
| Jun 8, 2026 | bearish → neutral | 0.384 |
| Jun 5, 2026 | neutral → bearish | 0.382 |
| Jun 4, 2026 | bearish → neutral | 0.386 |
| Jun 3, 2026 | neutral → bearish | 0.381 |
| Jun 2, 2026 | bearish → neutral | 0.384 |
| Jun 1, 2026 | neutral → bearish | 0.381 |
| May 27, 2026 | bullish → neutral | 0.387 |
| May 26, 2026 | neutral → bullish | 0.387 |
| May 16, 2026 | bullish → neutral | 0.376 |
History of state changes only — not a prediction, and not a claim about what followed. Data via Yahoo Finance.