Market summary
The /market summary collapses the cross-asset / equities tape into a single risk-on / risk-off / mixed read. It's the broadest of the dashboard summaries, designed for context, not entries.
What it measures
The card scores six independent risk inputs and aggregates them into a composite tag. Each input contributes +1, 0, or −1 based on its current reading versus a fixed threshold. Two-out-of-three majority wins; ties or sparse data are flagged MIXED.
- Risk-asset breadth, what percentage of a curated risk basket (high-beta equities, EM, junk credit) is above its short-term moving average.
- Equity ratios composite, SPY/TLT, SPY/IWM, VUG/VTV, Cyclical/Defensive. Each is a binary direction read; the average tells you whether money is rotating offensive or defensive.
- S&P 500 internal breadth, percentage of S&P constituents above their 50-day MA.
- Crypto ETF flows, 7-day net inflow / outflow on spot BTC and ETH ETFs. Positive flows score risk-on.
- VIX, under 16 = calm (risk-on), over 22 = stress (risk-off).
- HY credit spread (OAS), under 350 bps = relaxed, over 500 bps = stressed.
How the score maps to the headline
- RISK-ONThree or more risk inputs are constructive. Breadth is healthy, ratios are leaning offensive, ETF flows are positive, vol is calm, credit is tight. Translation: the macro tape is supportive of long beta.
- MIXEDInputs are split. Some bullish, some bearish, no clear majority. Treat as "chop", directional bets on macro context have low edge until the score firms one way.
- RISK-OFFThree or more risk inputs are degrading. Breadth narrowing, ratios defensive, flows leaving, VIX bid, credit widening. Macro is leaning against long-beta exposure.
How to use it
Treat the headline as permission, not a signal. ARISK-ON tape means the wind is at your back for long crypto beta, but doesn't tell you when to enter or exit. ARISK-OFF tape means the wind is in your face, your longs need a stronger micro-setup to be worth the carry.
The card is designed to be the first thing you look at on the dashboard each morning. Thirty seconds of context before you go deeper into perps, options, and GEX.
Where to drill in
Below the summary on /market you'll find each input as a full panel: the breadth chart, the ratio cards, the S&P internal breadth, the ETF flow tape, the VIX history, the credit spread chart. Click into any one to see the underlying data and decide whether the threshold reading you're seeing is recent or stale.