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Market Tape Read

Updated through 26 Aug 2026

Market Tape Snapshot

Four quick inputs explain the tape below: breadth, leadership, risk pricing, and the yield curve. The longer interpretation stays in the letters.

Breadth Mixed S&P 500 participation

52.5% are above the 20DMA and 70.4% are above the 200DMA, which keeps breadth in the middle rather than fully healthy.

 Leadership Mixed 30D sector leadership

Healthcare, Communication Services, and Technology are leading, but the mix still looks rotational rather than cleanly risk-on.

 Risk Pricing Calmer VIX versus realized vol

VIX is 15.2 versus 11.5 realized volatility, leaving a 3.7-point fear premium in options.

 Yield Curve Barely Positive 10Y minus 2Y

+0.47% puts the curve back above zero, but only by a narrow margin.
Next Step Want the longer read behind this setup? Read The Stock Archeologist

Breadth is mixed rather than broken. 52.5% of S&P 500 members are above the 20DMA, 58.6% are above the 50DMA, and 70.4% are above the 200DMA, which points to a market where the headline index is not getting a full-throated confirmation from the average stock.

Healthcare (+10.9%), Communication Services (+10.5%), and Technology (+6.8%) are leading the 30-day sector board. The leadership mix is still selective enough that it reads more like rotation inside the tape than a one-direction risk-on surge.

The fear premium has cooled materially: VIX sits at 15.2 versus 11.5 realized volatility. At the same time the 10Y minus 2Y curve is +0.47%, which has at least moved back above zero. Net: the macro backdrop is less hostile, but the internal tape still deserves respect.

Breadth Sector rotation Risk pricing Yield curve

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03

S&P 500 Sector Breadth Above 50DMA

Where is breadth healthy and where is it collapsing across sectors?

Use this when you need to know which sectors have real internal participation and which are being carried by a few names.

04

S&P 500 Realized Volatility vs VIX

Is implied volatility running hotter than realized volatility?

This separates actual swings from the fear premium still priced into options.

05

10Y Minus 2Y Yield Spread

Is the yield curve signaling a friendlier or harder macro backdrop?

Use this for the macro backdrop when growth and liquidity debates start driving price.

06

VIX vs S&P 500 Drawdown

Is fear outrunning actual market damage?

This is the quickest fear-versus-damage cross-check when the market feels unstable.

Updated through 26 Aug 2026

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