Macro ratio summary

Six cross-asset ratios in a 2×3 grid. Together they form a quick-read dashboard on macro risk appetite — breadth, size, credit, defensives, gold, and growth vs defensive rotation.

Read each panel independently; badges reflect a 20-day move vs a 1% of current ratio threshold.

Sub-charts

• RSP / SPY — Equal-weight vs cap-weight S&P. Measures concentration into a few names vs broad participation. Rising = breadth expanding; falling = narrow mega-cap leadership.
• IWM / SPY — Russell 2000 vs S&P 500. Small-cap vs large-cap risk appetite. Rising = small caps leading; falling = large-cap dominance / fragile rally.
• XLU / SPY — Utilities vs the broad market. A pure defensive-rotation gauge. Rising = defensives leading (risk-off); falling = cyclicals and beta in favor.
• GLD / SPY — Gold vs equities. Safe-haven demand vs risk assets. Rising = gold bid / equity skepticism; falling = equities holding preference over bullion.
• HYG / TLT — High yield vs Treasuries. Tracks credit risk appetite relative to safe duration. Rising = credit risk-on; falling = spread stress / flight to quality.
• XLK / XLU — Tech vs utilities. Growth/cyclical leadership vs defensive staples. Rising = growth leading; falling = late-cycle defensive rotation.

Badge states

• Each sub-chart shows a pair-specific badge (for example NARROW LEADERSHIP, CREDIT STRESS, or GROWTH LEAD) based on recent ratio momentum and whether rising or falling is risk-off for that pair.

Macro compass

The Macro Compass places the economy in one of four regimes based on whether growth and inflation are currently accelerating or decelerating. These four quadrants define distinct environments with very different implications for which assets perform and which struggle.

The chart is built from multiple methodologies — high-frequency nowcasts, yield curve signals, equity rotation, and soft economic data — with an All tab that blends active legs. Use the regime to calibrate your sector and asset class positioning, not as a trade signal, but as the lens through which to interpret everything else.

Badge states (quadrants)

Sector rotation

The Relative Rotation Graph maps where each name sits in its performance cycle relative to the benchmark. The X-axis is relative strength (outperforming vs underperforming); the Y-axis is relative momentum (improving vs fading). The trail shows recent rotation path.

Names tend to move clockwise: Improving → Leading → Weakening → Lagging → back to Improving. Use it to spot early leadership (Improving) vs late-cycle peaks (Weakening).

Tabs

• Benchmark Indexes — SPY, QQQ, IWM, DIA, TLT, GLD. Cross-asset leadership: large-cap vs growth vs small-cap vs Dow, plus duration and gold as risk-off anchors. Use this tab for macro regime — which beta sleeve is winning.
• 11 S&P Sectors — GICS sector ETFs (XLK, XLF, XLV, XLE, etc.). Classic sector rotation wheel. Use this tab for cyclical vs defensive positioning and where institutional flow is rotating within the index.
• S&P Themes — Thematic sleeves: semis (SMH), credit (HYG), EM (EEM), biotech (XBI), regional banks (KRE), homebuilders (XHB), metals (XME), bitcoin (IBIT), China internet (KWEB), and DRAM. Use this tab for risk-on / risk-off themes beyond plain sector labels.
• Maga Cap — Mega-cap single names (META, MSFT, GOOGL, TSLA, AMZN, NVDA, AAPL, TSM, AVGO). Tracks whether index leadership is narrowing into a handful of names or broadening out. Pair with RSP/SPY on Macro for participation context.

Quadrants

Sector Heatmap

The Sector Heatmap ranks rolling relative performance. This approach strips away the noise of the broader market and reveals the true winners and losers in any given timeframe.

Reading the chart

• Rank cards — today's relative performance rank per asset.
• Curved trails — how rank changed across prior periods (rotation path).
• Switch preset tabs (sectors, themes, Mag 7) to match the universe you track.

How to use it

• Names climbing toward rank 1 while the benchmark lags — early leadership.
• Defensive sectors rising in rank while growth slips — late-cycle rotation signal.
• Confirm with the RRG on Macro/Breadth for momentum vs strength quadrants.

Weighted S&P advance / decline

Standard breadth indicators treat every stock equally — Apple and a micro-cap count the same. This chart weights each stock's advance or decline by market capitalization, so the signal reflects where actual money is flowing, not just headcount.

When cap-weighted breadth diverges from equal-weighted breadth, it reveals whether large-cap mega-tech is masking weakness beneath the surface, or whether small and mid-cap stocks are leading a rotation the index hasn't captured yet. A healthy bull market sees breadth expansion across all size segments.

Badge states

• Hold long — Both readings positive; cap-weight leading. Do not fade.
• Hold short — Both readings negative; cap-weight leading down. Do not fade.
• Regime flip — Both crossed above zero; early bull trigger.
• Regime flip — Both crossed below zero; early bear trigger.
• Lagging — Histogram diverging from the equal-weight line; weak follow-through.
• Mixed — Signs diverging; cut size.
• Neutral / Compression — Flat or near zero; chop risk.