| Signal | Reading | Score (fear → greed) | Reads as |
|---|---|---|---|
| Market momentumS&P 500 (SPY) against its 125-day average | +4.1% vs 125-day avg | 32 | Fear |
| Stock price strength52-week highs minus lows across the S&P 500 | +5 net highs | 36 | Fear |
| Stock price breadthShare of S&P 500 stocks above their 50-day average | 37% above 50-day | 16 | Extreme fear |
| Market volatilityVIX against its 50-day average (higher is fear) | VIX −2% vs 50-day avg | 45 | Fear |
| Volatility term structureVIX ÷ 3-month VIX; above 1 means traders pay up for near-term protection | ratio 0.85 | 63 | Greed |
| Safe-haven demandSPY minus long Treasuries (TLT), 20-day return | +5.7 pts stocks vs bonds | 86 | Extreme greed |
| Junk bond demandHigh-yield (HYG) minus Treasuries (IEF), 20-day return | +0.2 pts junk vs Treasuries | 30 | Fear |
Each signal is ranked against its own past year (0 = its most fearful reading, 100 = its greediest), and the gauge averages them. Built in the spirit of CNN's index from free data; the option put/call signal is replaced by the VIX term structure. Extremes have tended to mark short-term turning points, not timing signals on their own.