Glossary

RS — Relative Strength

How much a sector or stock gained or lost versus the S&P 500 over a given period. Positive means outperforming the market; negative means underperforming. For groups with no ETF (Quantum, AI Infrastructure, Crypto Equities), RS is the average of the leader stocks instead.

e.g. SMH up +2.4%, SPY up +0.6% → RS = +1.8%

Hit Rate

The fraction of a group's leader stocks that are individually outperforming SPY today. Prevents you from chasing a sector move driven by a single name. A high Hit Rate means the whole sector is broadly strong, not just one stock.

e.g. 5 out of 7 Semis leaders beat SPY → Hit Rate = 71%

Rel Vol — Relative Volume

Measures whether today's trading activity is above or below normal for the ETF. High relative volume alongside positive RS confirms institutional participation. A big move on low volume is less reliable.

e.g. SMH traded 1.7× its normal volume → strong participation

Score

A single composite number ranking each sector or theme. ETF price action carries the most weight (40%), followed by leader stock confirmation (35%), breadth (15%), and volume (10%). All weights are configurable in services/engine/config/settings.yaml.

e.g. Software: RS +2.96%, hit 100%, vol 0.89× → Score 5.57

Signal

A fast-scan label derived from the Score. Use it to triage which rows deserve further attention before opening TradingView.

Z-Score — Volume Anomaly

How many standard deviations today's volume sits above or below its 20-day average. Unlike Rel Vol (which is just a multiple), Z-Score accounts for how volatile a symbol's volume normally is — a +2σ spike on a calm stock is more significant than on one that swings wildly every day. Values above +2σ are statistically rare (top ~2% of trading days) and often coincide with news, earnings, or institutional accumulation.

e.g. NVDA at +2.8σ means today's volume is further from normal than ~99% of recent sessions

Timeframes

All RS values are computed over standard lookback windows using daily closing prices. Intraday data (Today column) uses the most recent close vs the previous close.