Executive summary. Across twelve tracked market universes through November 6, 2026, market-breadth indicators reveal sharp sector contrasts. Energy companies suffered an exceptionally rapid deterioration, while gold and silver miners staged a broad recovery after major corrections. Yet the precious-metals improvement is not sufficiently supported by structural indicators to confirm a lasting reversal. Copper and uranium miners remain considerably weak. Broad European equities currently show a more favorable internal structure than U.S. equities, although the universes differ in composition.
1. A snapshot of twelve market universes
MA200 breadth measures the percentage of securities with valid data trading above their 200-session moving average.
| Universe | Securities | Median weekly return | Above MA200 |
|---|---|---|---|
| GDX–GDXJ | 147 | +9.61% | 32.88% |
| SIL–SILJ | 98 | +7.42% | 17.53% |
| Junior | 480 | +4.35% | 18.60% |
| Lithium | 27 | +1.84% | 3.70% |
| STOXX 600 | 609 | +1.62% | 63.55% |
| ASX | 89 | +1.08% | 28.09% |
| S&P 500 | 503 | +0.27% | 55.20% |
| Junior Copper | 189 | 0.00% | 17.20% |
| Agribusiness | 69 | -0.37% | 26.09% |
| Copper | 101 | -2.06% | 15.00% |
| Uranium | 76 | -3.47% | 9.59% |
| Energy | 197 | -12.65% | 30.26% |
Universe sizes reflect the scanner's tracked securities, not necessarily the valid-data denominators of individual indicators. The STOXX 600 universe contains 609 securities in the analyzed file.
Participation above the 200-day moving average
2. Energy: an exceptional deterioration in breadth
The energy sector is, by far, the most concerning development of the week. In our universe of 197 U.S. and Canadian energy companies, the median weekly return was −12.65%, while only 9.64% of companies ended the week higher.
The proportion above MA200 fell from approximately 68.72% to 30.26%, a decline of 38.46 percentage points in a single week. This represents an extraordinarily rapid loss of participation.
The selloff also came with a considerable increase in relative volume. Median relative volume rose to 1.39×, compared with 0.96× the previous week. The proportion of companies with a positive signed-volume balance fell from 69.55% to 30.46%.
The combination of steep declines, moving-average breakdowns and increased trading activity is consistent with accelerating selling pressure.
Interpretation. The deterioration in the sector's internal structure is far deeper than the performance of some of its largest index or ETF constituents might suggest. The bearish divergence previously observed between certain energy ETFs and the breadth of the underlying universe is particularly relevant following this decline.
Scenario. A continuation of the correction cannot be ruled out. Sustained breadth improvement and easing selling pressure would be needed before considering the sector to be stabilizing. A brief price rebound alone would not be sufficient.
3. Gold and silver: a powerful rebound, but no structural confirmation yet
Gold miners — GDX–GDXJ
93.88% of the 147 tracked companies rose during the week, with a +9.61% median weekly return. MA200 breadth improved from approximately 10.28% to 32.88%, a gain of 22.60 percentage points.
The median drawdown from 52-week highs improved to −31.78%, from approximately −38.63% previously. These readings show a broad rebound rather than a recovery confined to a handful of large companies.
Nevertheless, nearly two-thirds of the universe remains below its 200-session moving average. Only 27.21% of securities show a positive signed-volume balance. Price and breadth have clearly recovered, but volume does not yet confirm dominant buying participation.
Silver miners — SIL–SILJ
Among 98 tracked companies, 77.55% finished the week higher, with a +7.42% median return. MA200 breadth advanced from approximately 6.19% to 17.53%.
The median 52-week drawdown improved to −40.22%, still reflecting a very substantial accumulated correction. Volume remains the weakest element: only 13.27% of companies show a positive signed-volume balance.
Combined interpretation. The rebound in gold and silver miners is significant and deserves attention. Yet there remains a considerable gap between the strength of this week's recovery and the medium- to long-term market structure. For now, it is more prudent to describe an initial recovery than a definitively confirmed bottom.
4. Junior miners: improving prices, limited participation
The broader universe of 480 junior companies recorded a median weekly return of +4.35%, with 61.25% advancing. MA200 breadth increased to 18.60%, from 11.88% the previous week.
Despite the improvement, the median 52-week drawdown remains −48.46%, while median relative volume is just 0.80×. Only 21.46% of companies show a positive signed-volume balance.
The rebound is beginning to spread among smaller companies, but buying participation is not yet sufficiently convincing. The coming weeks will show whether the recovery broadens alongside stronger buying activity.
5. Copper and uranium: weakness persists
Copper miners
The 101-company copper universe posted a −2.06% median weekly return. Only 15.00% of securities with valid data trade above MA200. Four weeks earlier, that proportion was 51.00%, according to the current scanner's retrospective reading.
Only 9.90% of companies show a positive signed-volume balance, while the median drawdown from 52-week highs stands at −39.04%. Breadth and volume reveal a severely damaged structure. Technical rebounds remain possible, but there is not yet sufficient evidence of a broad, sustained sector recovery.
Uranium
Uranium remains among the weakest universes. Its median weekly return was −3.47%, with just 25.00% of companies advancing. MA200 breadth remains at 9.59% and the median 52-week drawdown reaches −56.82%. Only 18.42% of companies show a positive signed-volume balance.
The combination of very narrow breadth, deep accumulated losses and weak volume warrants continued caution.
6. Europe and the United States: diverging internal structures
| Indicator | S&P 500 | STOXX 600 |
|---|---|---|
| Securities analyzed | 503 | 609 |
| Median weekly return | +0.27% | +1.62% |
| Advancing securities | 52.29% | 69.95% |
| Above MA200 | 55.20% | 63.55% |
| Positive signed-volume balance | 62.03% | 68.64% |
| Median 52-week drawdown | −13.14% | −10.87% |
In the U.S. universe, MA200 breadth fell 3.72 percentage points during the week to 55.20%. In Europe, it rose 4.80 percentage points to 63.55%.
STOXX 600 also has a larger share of advancing securities and a shallower median drawdown. These readings suggest that the European universe currently has a more favorable internal structure than the U.S. universe, although both retain majority participation above their long-term moving averages.
The comparison should not be overstated: the universes differ in sector and geographic composition, and these figures alone do not forecast future relative returns.
7. Other sectors: ASX, lithium, agribusiness and junior copper
ASX. The 89-company universe recorded a +1.08% median weekly return and 28.09% MA200 breadth. Improving long-term breadth coexists with moderating weekly momentum. Only 14.61% show a positive signed-volume balance.
Lithium. The median weekly return is positive at +1.84%, but just 3.70% of 27 companies trade above MA200. The −63.16% median drawdown shows the depth of accumulated weakness.
Agribusiness. The 69-company universe posted a −0.37% median weekly return and 26.09% MA200 breadth. Participation remains limited.
Junior Copper. The 189-company universe recorded a 0.00% median weekly return. Only 17.20% trade above MA200 and 17.99% show a positive signed-volume balance. Price stabilization is not yet a structural recovery.
8. Conclusions: sector divergences intensify
The week leaves three central observations.
First, energy's deterioration is exceptional in its speed, breadth and accompanying volume. The contraction in participation warrants especially close monitoring of the sector.
Second, gold and silver miners have staged a powerful rebound, with considerably broader participation than in previous weeks. This is an important improvement, but not yet enough to conclude that the correction is over.
Finally, copper, uranium and lithium miners retain severely weakened long-term structures, while broad European equity universes currently display relatively stronger internal indicators than their U.S. counterparts.
The central conclusion is that sectors are behaving very differently. Breadth and volume help distinguish price moves supported by broad participation from recoveries that still lack confirmation.
Over the coming weeks, the decisive question will be whether precious-metal miners' recovery gains depth and volume, while energy's deterioration continues or begins to stabilize.
Our priority remains identifying verifiable changes in market structure without anticipating confirmations that the data do not yet provide.
Data and methodology
Observation date: November 6, 2026. Publication date: November 7, 2026. Figures are derived from Structural Alpha Research's supplied weekly scanner and cover twelve tracked universes, which can overlap. Weekly returns are cross-sectional medians. MA200 breadth uses valid observations for each universe; signed-volume participation measures the share with a positive signed-volume balance. Drawdowns are relative to 52-week highs. Relative volume compares activity with the scanner's reference volume. Historical comparisons may be affected by changes in universe membership or data coverage. The analysis is descriptive and does not establish predictive signals or constitute investment advice.
See our research methodology, the previous global market review and the research archive.