Six market-internal signals, each percentile-ranked over the trailing 252 trading days and equally weighted: SPY momentum vs its 125-day average, Russell 1000 52-week-high breadth, 5-day breadth, junk-bond outperformance, volatility (via VXX), and SPY vs TLT safe-haven demand. This is not CNN’s Fear & Greed Index. It shares neither its inputs nor its methodology — CNN uses the put/call ratio, the McClellan oscillator and VIX itself, while this uses VXX, a rolling-futures ETN whose roll cost drifts its own baseline over time. Read it against its own history, not against CNN’s number.
Sum of Russell 1000 market cap divided by latest US GDP. Above 100% historically signaled overvaluation; today's reading reflects a structural shift toward a higher fair-value regime.