S&P 500 Sector Breadth — Fixed v6

This indicator measures market breadth by tracking how many of the 11 S&P 500 sector ETFs are trading above their 200-day moving average. Here's how to use it:
What It Shows
The indicator plots a line that ranges from 0 to 11, representing the number of sectors in uptrends:

9-11 sectors above MA = Very strong market (green background)
8+ sectors = Strong bullish breadth - most sectors participating
6 sectors = Neutral - market is mixed
4 sectors = Weak market conditions
0-3 sectors = Very weak market (red background)

How to Interpret
Strong Market (8+ sectors):

Broad participation across sectors
Healthy bull market conditions
Lower risk environment
Good time for long positions

Weak Market (≤3 sectors):

Poor market internals
Most sectors in downtrends
Higher risk environment
Consider defensive positioning or cash

Divergences Matter:

If the S&P 500 makes new highs but breadth is declining (fewer sectors above MA), that's a bearish divergence warning
If the S&P 500 is weak but breadth is improving, that can signal a potential bottom

Settings You Can Adjust

Moving Average Length (default 200): Change to 50 or 100 for different trend definitions
Smooth Breadth Line (default 5): Smooths the indicator to reduce noise; set to 0 for raw data
Show Breadth Label: Toggle the current breadth reading on the chart

Alerts
The indicator includes built-in alerts:

When breadth crosses above 8 (strong participation)
When breadth crosses below 4 (deteriorating conditions)

This is a great confirmation tool to use alongside price action and other indicators!