Market participation
Market Breadth
RSP/SPY is used as the MVP proxy for equal-weight versus cap-weight participation.
Broad market vs biggest companies
This checks whether many stocks are joining the rally, not just the largest names. When this line weakens, the headline index can look healthy while the average stock is struggling.
Equal-weight market vs headline index
This compares the average stock with the big-company index. If the headline index pulls ahead too much, the market may be relying on a narrow group of winners.