Research transparency
Methodology & Interpretation
A guide to understanding our published market indicators and their limitations.
What our indicators describe
Market breadth describes how broadly securities participate in a market trend. Measures such as the share above a 200-day moving average help distinguish widespread strength from strength concentrated in a few names.
Drawdown describes how far securities have declined from a specified previous high. The reference period and price basis are identified in individual studies when material.
Relative volume compares current trading activity with a historical reference to provide context for price moves. High activity does not, on its own, establish whether buying or selling is dominant.
Structural rankings organize securities for cross-sectional comparison of relative market strength and weakness. A ranking is a research classification, not a standalone trading instruction.
How to read the findings
We distinguish observed conditions from interpretations and forward-looking scenarios. An improvement in weekly performance does not necessarily confirm a recovery in longer-term market participation. Indicators should be considered together and in context, rather than as isolated signals.
Coverage and limitations
Universe sizes refer to the securities or listings included in the particular study; they do not always represent distinct companies. Data availability can vary by metric, so denominators may differ. Market membership, stale prices, missing observations, corporate actions and rounding may affect comparisons. Overlapping universes should not be added together as if they formed one deduplicated sample.
Each article provides its observation date, relevant metric definitions and additional data notes where necessary. Downloadable research materials, when offered, support independent examination of published observations.
Proprietary research methods
We explain the purpose, interpretation and material limitations of published indicators. Detailed proprietary calculation procedures, weighting schemes, internal filters, classification algorithms and trading rules are not publicly disclosed. Standard market metrics may be described in greater detail when doing so is necessary for accurate interpretation.
Public rankings and downloadable datasets are research outputs; their availability does not imply publication of the underlying proprietary models.
Research disclaimer
This material is provided for informational research purposes only and does not constitute personalized investment advice. Quantitative measures are subject to data quality and methodological limitations and do not guarantee future performance.