Session Date: September 9, 2026
The FUM Market Strength Indicator (MSI) closed at 45.74% on September 9, down 2.75 percentage points from the prior session's 48.49%. The MSI sits in neutral territory (40–59%), where mixed conditions prevail across the approximately 900-ticker equity universe.
MSI measures cumulative UP trend participation — it reflects how broadly short-term trend signals are distributed across all tracked equities, not what any single session did to price. A reading of 45.74% means fewer than half the universe currently holds an UP signal.
Over the past 30 trading days, the MSI has eroded steadily from a peak of 70.04% on August 14 — firmly bullish territory — shedding 24.30 percentage points across 17 sessions at an average rate of roughly 1.43 points per day. The September 9 decline of 2.75 points reflects an acceleration of that rate. The 60% bullish threshold gave way between August 25 (60.91%) and August 28 (57.97%), and the index has not reclaimed it since.
2-Week Outlook: At the mean rate of decline, the 40% bearish threshold sits approximately 4 sessions away. The September 9 acceleration shortens that estimate further. Without a visible reversal in breadth, the most probable path over the next two weeks is a transition from neutral to bearish MSI territory. A sustained close back above 48–50% would be the earliest signal that broad participation is stabilizing. Until that evidence appears, downside risk to breadth dominates.