# Participation source evaluation

The dashboard retains a proxy-based **participation and risk appetite** layer rather than claiming true constituent breadth.

Constituent measures such as percentage above 50/200-day averages, advance/decline lines, and new highs/lows were evaluated conceptually. The current refresh pipeline has no licensed public source that supplies reproducible point-in-time constituent membership, sufficient history, observation dates, and a deterministic fallback. Treating a missing optional feed as neutral would also fail open.

The implemented, refresh-safe substitutes are adjusted-total-return RSP/SPY, sector participation across liquid sector ETFs, and country/region participation through EEM and EFA, alongside existing small-cap, cyclicals, and high-beta proxies. Source health publishes their coverage and observation date. These proxies measure investable participation and risk appetite; they are not labeled constituent breadth.