Breadth Brief

Price Action: QQQ barely moved on Friday's session, down 0.01% to 704.40, a rounding error next to Thursday's sharper 2.86% slide. For the week, the index sits 0.76% below the prior week's close.

Absolute Breadth: Equal-weight breadth climbed to 38.9% in Bull Consolidation, up from 37.2% on Thursday. Market-cap-weighted breadth improved too, to 30.9%, though it remains stuck in Bear Liquidation.

Distortion Context: EW still leads MCW by 8.0 points. That is a Selective Strength reading, and it narrowed from Thursday's wider 11.0-point gap as the mega-caps clawed back breadth faster than the broader tape did.

Weekly Context: The weekly spread held at +21.5%, so QQQ stays in Mega-Cap Illusion for a second straight week. Equal-weight weekly breadth eased to 24.8% from 26.8%, while market-cap-weighted breadth slipped only marginally to 46.3% from 48.3%, enough to keep the weekly signal active.

Price Action: SPY slipped 0.52% on Friday's session to 759.97, following a steeper 1.18% drop on Thursday. For the week, the index is down 0.43% from the prior week's close.

Absolute Breadth: Equal-weight breadth rose to 44.7% in Bull Consolidation, up from 42.1% on Thursday. Market-cap-weighted breadth eased to 41.4%, now in Bear Liquidation, down from Thursday's 42.2%.

Distortion Context: The spread flipped from a dead-even +0.1% on Thursday to -3.3% on Friday as equal-weight breadth pulled ahead. At this magnitude, both readings still sit inside Healthy Sync; the two planes are moving together, not apart.

Weekly Context: SPY holds Healthy Sync for a second straight week. Equal-weight breadth ticked up to 20.7% in Bear Liquidation, and market-cap-weighted breadth rose to 17.7% in Bull Consolidation, with the spread essentially flat at -3.0% against -3.2% the prior week.