NVDA-2.73%AAPL-1.20%MSFT-0.43%GOOGL-12.64%AMZN-7.17%TSM-1.75%SPCX-0.92%AVGO-1.94%TSLA-2.04%META-1.77%LLY+6.57%BRK-B+0.30%SKHY-1.58%MU-6.45%WMT+2.09%AMD-2.08%JPM+1.26%V+2.48%XOM+0.70%JNJ+1.53%ASMLa-5.64%MA+4.16%ABBV+1.74%INTC-3.62%1398.HK+1.54%CVX+0.99%0700.HK+1.59%COST+1.36%CSCO-1.54%ORCL-3.45%KO+1.19%PG+1.47%UNH+0.94%BAC+0.57%0857.HK+5.66%1816.HK-2.24%3988.HK+0.16%AMAT+1.36%HD+3.60%PM+2.89%GE+3.96%LRCX+0.22%AP2d-6.79%0939.HK+1.28%1288.HK+1.31%NVS+3.22%DELL-3.74%MS-0.07%0005.HK+0.15%CAT-9.25%NZDCHF-1.40%GBPNZD+1.35%NZDCAD-1.32%NZDUSD-0.98%AUDNZD+0.93%NZDJPY-0.83%EURNZD+0.82%GBPZAR+0.65%PLNJPY-0.61%CHFJPY+0.60%EURCHF-0.59%CADJPY+0.51%USDTRY+0.50%GBPJPY+0.49%EURGBP-0.49%EURCAD-0.47%AUDCHF-0.47%USDCHF-0.43%GBPTRY+0.41%AUDCAD-0.40%GBPAUD+0.40%EURZAR+0.38%NZDMXN+0.37%GBPUSD+0.35%USDZAR+0.34%USDCAD-0.34%GBPHKD+0.32%GBPMXN-0.28%EURPLN+0.27%USDSEK-0.24%USDCNH-0.24%USDPLN+0.24%USDNOK-0.23%SGDJPY-0.22%USDTHB-0.20%EURSEK-0.20%EURNOK-0.20%AUDNOK-0.19%USDMXN+0.18%CHFSGD+0.17%USDSGD-0.17%USDILS+0.16%NOKJPY-0.15%EURUSD-0.15%USDJPY+0.15%GBPSGD+0.14%EURSGD-0.13%AUDSGD-0.12%CHFNOK+0.10%AUDJPY+0.10%GBPCHF-0.09%EURAUD-0.09%CHFSEK+0.09%CADCHF-0.08%USDHKD+0.05%AUDUSD-0.05%EURCNH-0.05%USDDKK-0.05%EURHKD+0.04%USDCOP-0.04%NZDSGD+0.03%EURJPY+0.02%GBPCAD-0.01%EURCZK-0.01%EURDKK-0.01%AUDDKK0.00%GAGUSD-3.84%XAGUSD-3.84%XPTUSD-3.33%COFFEE+1.56%SUGAR-1.38%XAUUSD-1.35%GAUUSD-1.35%UKOIL+1.22%USOIL+0.98%HG1-0.93%C1-0.44%COCOA+0.40%BTCUSD-0.42%ETHUSD+27.93%USDTUSD+0.09%XRPUSD+21.43%SOLUSD+22.08%TRXUSDT-7.89%ZECUSDT+2.45%DOGEUSD+24.76%XMRUSDT-1.67%LINKUSD+35.00%BCHUSDT+3.67%XLMUSD+3.33%UNIUSD+8.30%LTCUSD+21.89%SUIUSD+0.19%HBARUSDT+4.79%TONUSD+47.88%TAOUSDT-0.40%AAVEUSD+6.08%DOTUSDT+4.44%ICPUSDT+3.25%ONDOUSDT+3.22%WLDUSDT+3.40%ARBUSDT+7.18%JUPUSDT+1.76%ATOMUSDT+2.06%INJUSDT-0.69%STXUSDT+0.79%TIAUSDT-5.83%FETUSDT+0.85%PYTHUSDT-2.86%SEIUSDT+1.21%IMXUSDT+7.10%GRTUSDT-2.07%OPUSDT+4.37%WIFUSDT+5.12%POLUSDT+5.18%IOTAUSDT+4.19%AXSUSDT+0.32%EOSUSDT+2.09%FARTCOINUSDT+1.36%DYDXUSDT-1.31%GALAUSDT+3.01%ORDIUSDT+1.59%RONINUSDT+1.62%NOTUSDT+2.17%NVDA-2.73%AAPL-1.20%MSFT-0.43%GOOGL-12.64%AMZN-7.17%TSM-1.75%SPCX-0.92%AVGO-1.94%TSLA-2.04%META-1.77%LLY+6.57%BRK-B+0.30%SKHY-1.58%MU-6.45%WMT+2.09%AMD-2.08%JPM+1.26%V+2.48%XOM+0.70%JNJ+1.53%ASMLa-5.64%MA+4.16%ABBV+1.74%INTC-3.62%1398.HK+1.54%CVX+0.99%0700.HK+1.59%COST+1.36%CSCO-1.54%ORCL-3.45%KO+1.19%PG+1.47%UNH+0.94%BAC+0.57%0857.HK+5.66%1816.HK-2.24%3988.HK+0.16%AMAT+1.36%HD+3.60%PM+2.89%GE+3.96%LRCX+0.22%AP2d-6.79%0939.HK+1.28%1288.HK+1.31%NVS+3.22%DELL-3.74%MS-0.07%0005.HK+0.15%CAT-9.25%NZDCHF-1.40%GBPNZD+1.35%NZDCAD-1.32%NZDUSD-0.98%AUDNZD+0.93%NZDJPY-0.83%EURNZD+0.82%GBPZAR+0.65%PLNJPY-0.61%CHFJPY+0.60%EURCHF-0.59%CADJPY+0.51%USDTRY+0.50%GBPJPY+0.49%EURGBP-0.49%EURCAD-0.47%AUDCHF-0.47%USDCHF-0.43%GBPTRY+0.41%AUDCAD-0.40%GBPAUD+0.40%EURZAR+0.38%NZDMXN+0.37%GBPUSD+0.35%USDZAR+0.34%USDCAD-0.34%GBPHKD+0.32%GBPMXN-0.28%EURPLN+0.27%USDSEK-0.24%USDCNH-0.24%USDPLN+0.24%USDNOK-0.23%SGDJPY-0.22%USDTHB-0.20%EURSEK-0.20%EURNOK-0.20%AUDNOK-0.19%USDMXN+0.18%CHFSGD+0.17%USDSGD-0.17%USDILS+0.16%NOKJPY-0.15%EURUSD-0.15%USDJPY+0.15%GBPSGD+0.14%EURSGD-0.13%AUDSGD-0.12%CHFNOK+0.10%AUDJPY+0.10%GBPCHF-0.09%EURAUD-0.09%CHFSEK+0.09%CADCHF-0.08%USDHKD+0.05%AUDUSD-0.05%EURCNH-0.05%USDDKK-0.05%EURHKD+0.04%USDCOP-0.04%NZDSGD+0.03%EURJPY+0.02%GBPCAD-0.01%EURCZK-0.01%EURDKK-0.01%AUDDKK0.00%GAGUSD-3.84%XAGUSD-3.84%XPTUSD-3.33%COFFEE+1.56%SUGAR-1.38%XAUUSD-1.35%GAUUSD-1.35%UKOIL+1.22%USOIL+0.98%HG1-0.93%C1-0.44%COCOA+0.40%BTCUSD-0.42%ETHUSD+27.93%USDTUSD+0.09%XRPUSD+21.43%SOLUSD+22.08%TRXUSDT-7.89%ZECUSDT+2.45%DOGEUSD+24.76%XMRUSDT-1.67%LINKUSD+35.00%BCHUSDT+3.67%XLMUSD+3.33%UNIUSD+8.30%LTCUSD+21.89%SUIUSD+0.19%HBARUSDT+4.79%TONUSD+47.88%TAOUSDT-0.40%AAVEUSD+6.08%DOTUSDT+4.44%ICPUSDT+3.25%ONDOUSDT+3.22%WLDUSDT+3.40%ARBUSDT+7.18%JUPUSDT+1.76%ATOMUSDT+2.06%INJUSDT-0.69%STXUSDT+0.79%TIAUSDT-5.83%FETUSDT+0.85%PYTHUSDT-2.86%SEIUSDT+1.21%IMXUSDT+7.10%GRTUSDT-2.07%OPUSDT+4.37%WIFUSDT+5.12%POLUSDT+5.18%IOTAUSDT+4.19%AXSUSDT+0.32%EOSUSDT+2.09%FARTCOINUSDT+1.36%DYDXUSDT-1.31%GALAUSDT+3.01%ORDIUSDT+1.59%RONINUSDT+1.62%NOTUSDT+2.17%

Oversold Breadth Sets Coil In SPX, QQQ

COMMENTARY

September 21, 2026 at 00:06 UTC

1 min read

Breadth and momentum in U.S. equities are currently very depressed, while the S&P 500 (SPX) and Invesco QQQ Trust (QQQ) weekly charts are tightening. T2108, which tracks the percentage of stocks above their 40-day moving average, sits near 24%, indicating that a clear minority of stocks trade above this key intermediate trend measure. At the same time, NYSE Summation Index (NYSI) RSI is around 3 and Nasdaq Summation Index (NASI) RSI is near 11, both reflecting extreme downside momentum.

Historically, similar extremes in these indicators have coincided with important market lows. During the 2011 correction, the 2015 China/devaluation scare, and the March 2020 COVID crash, T2108 or equivalent breadth measures dropped into single digits while NYSI and NASI were deeply oversold. Those episodes were followed by strong relief rallies in broad U.S. equity benchmarks and ETFs such as SPY and QQQ, with some instances extending into multi-month or longer bull legs.

Across these cases, the pattern has been most notable when T2108 moved into single digits or below roughly 20%, and NYSI/NASI RSIs registered in single digits or low teens. Under stressed but ultimately functioning macro and liquidity conditions, such washes in breadth have often preceded significant upside in broad indices and vehicles linked to them, including SPY, QQQ, IWM, and VTI. The current configuration, with oversold breadth alongside coiled weekly structures in SPX and QQQ, matches many of those historical setup characteristics while remaining statistically, not deterministically, linked to subsequent rallies.

Terminology

01Breadth indicators: Measures showing how many stocks participate in a market move.
02RSI: Relative Strength Index, an oscillator measuring momentum on a 0-100 scale.
03Summation Index: Cumulative breadth indicator derived from daily advance-decline data.

References

https://marketcharts.com/indicators/breadth

Oversold Breadth Sets Coil In SPX, QQQ | Trading Dashboard