Andrew@CANSLIM RESEARCHThe S&P 500 sits just 0.4 per cent below its level of 21 sessions ago, yet the share of stocks above their 40-day moving averages has fallen by more than a third over the same window. That gap between a flat index and deteriorating participation is the defining feature of the current tape.
The Story So Far
The picture began changing on 2026-08-24, when T2108 first fell below 50, and deteriorated further on 2026-08-28 as the 5-day ratio slipped below 1.0 and sellers took control. T2108 then broke below 40 on 2026-08-31, and by 2026-09-10 it had reached 28.8 before settling at 29.6 on 2026-09-14. The S&P 500’s own peak of 7,747.71 on 2026-09-03 gave way to a lower close of 7,619.98, leaving the index down 0.4 per cent across the 21-session window even as breadth weakened far more sharply.
Reading Today’s Signals
Today’s 4-count of 281 advancers against 365 decliners, a 5-day ratio of 0.66 and a 10-day ratio of 0.85 point to persistent selling pressure beneath the surface. T2108 at 29.6 is below the 30 threshold, a washed-out reading, and the most recent earlier session with a comparable T2108 in the loaded data was 2026-04-07, when T2108 stood at 31.9 alongside an S&P 500 of 6,616.85. No closer historical match was found in the loaded data.
Divergence Check
The index and breadth are diverging: the S&P 500 has moved only modestly while T2108 has fallen 16.3 points, or 35.5 per cent, over the same window. That implies the headline index is being held up by a narrowing group of stocks while the broader market weakens.
Recent Trend
| Date | S&P 500 | T2108 | 5-day ratio | Up4% / Down4% |
|---|---|---|---|---|
| 09/14 | 7,619.98 | 29.6 | 0.66 | 281 / 365 |
| 09/11 | 7,656.98 | 30.9 | 0.73 | 200 / 130 |
| 09/10 | 7,591.70 | 28.8 | 0.79 | 99 / 304 |
| 09/09 | 7,636.36 | 32.0 | 1.16 | 98 / 310 |
| 09/08 | 7,673.52 | 36.4 | 1.12 | 270 / 325 |
| 09/04 | 7,718.60 | 41.1 | 1.18 | 197 / 110 |
| 09/03 | 7,747.71 | 41.1 | 0.79 | 251 / 112 |
| 09/02 | 7,666.60 | 39.1 | 0.81 | 290 / 96 |
| 09/01 | 7,631.47 | 36.4 | 0.66 | 114 / 356 |
| 08/31 | 7,686.14 | 39.2 | 1.05 | 132 / 158 |
| 08/28 | 7,711.23 | 41.9 | 0.98 | 84 / 382 |
| 08/27 | 7,728.65 | 45.2 | 1.76 | 298 / 145 |
| 08/26 | 7,676.31 | 45.1 | 1.31 | 155 / 138 |
| 08/25 | 7,676.62 | 45.8 | 1.69 | 293 / 93 |
| 08/24 | 7,652.86 | 45.9 | 1.21 | 142 / 238 |
Desk Verdict
Red. The verdict is Red because the 5-day ratio of 0.66 sits in the neutral 0.5-1.5 band, T2108 at 29.6 is below 30 and therefore washed out, and quarterly breadth is roughly balanced at 1072 stocks up 25 per cent or more against 1208 down 25 per cent or more.
Stage, pattern and sentiment labels are generated by rule-based approximations (Weinstein stage analysis, Minervini trend template and heuristic pattern detection), not by precise technical analysis. Data as of September 16, 2026. For informational and educational purposes only — not investment advice. Always verify against primary sources before making any investment decision. This analysis draws on Pradeep Bonde’s Stockbee Market Monitor framework and CANSLIM Research’s daily data. It describes current market conditions and is not personalized investment advice.
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