SPY and QQQ price states and their constituent breadth determine the returned Market Matrix direction. Both prices Bullish or both Bearish establish their unanimous direction; breadth adds context. Other combinations follow the configured frozen matrix.

IWM is price context only. It never decides direction and has no constituent roster.

Theme 1M and 3M are median Core + Enabler stock price returns over 21 and 63 completed trading sessions. At least five valid members and 80% coverage are required.

Score combines cross-theme percentiles: 60% 1M + 40% 3M. It is a relative ranking measure, not a probability or expected return. Related members and thematic ETFs have no calculation role.

A chain-linked index with weights that drift between rebalances. Its current level relative to EMA21 and EMA50 gives Bullish, Bearish or Mixed. EMA equality is Mixed.

Bootstrap initializes indicators only. It cannot create official live signals or compatible historical transitions.

The share of valid Core + Enabler members above their own EMA21 and EMA50, with coverage shown in Theme Detail. Breadth is context only: it does not enter Theme Score or Primary qualification.

Each stock is compared with the other Core + Enabler members of that theme, leaving itself out. ER1M and ER3M are its excess returns over those peer medians.

W = 60% ER1M + 40% ER3M. W and excess returns are displayed in percentage points (pp), not as a standalone stock return. A stock can have a different W in each theme.

Long Primary: Score ≥ 50 with Bullish or Mixed trend, or a valid Newly bullish transition. Short Primary: Score < 50 with Bearish or Mixed trend, or a valid Newly bearish transition. A valid Score and current trend are required.

Stock qualification additionally requires W > 0 for long or W < 0 for short, close ≥ $5, average volume over 10 completed sessions > 500,000 shares, and daily turnover ≥ $10 million. Zero W does not qualify. Earnings dates are optional and never inferred.

A ticker may qualify independently in multiple themes. Individual Theme Primary TXT files retain each qualification. The combined export emits the ticker once.

Combined placement prefers Core, then stronger directional W, then theme ID. Assigned section is export placement, not a permanent home theme. Also qualifies in shows the other qualifying themes. View filters do not change exports.

Saved is a manual browser-local bookmark list. It does not change memberships or qualification.

Approved rebalance: 2026-11-06 close. First earned session: 2026-11-09. Old holdings earn approval session t; rebalance happens at t close. New holdings first earn the next US trading session. effective_from is that first earned session; effective_to is exclusive.

Before launch, the approved membership universe supports current pre-launch research. That bootstrap-only research is separate from official synthetic-index history. Launch initializes at 100; missing or incompatible prior history makes comparisons unavailable. Legacy ETF history is never spliced into vNext.