SPY is within 3% of its 52-week high, yet net new highs are negative at -0.6% of the book
Share of names in the MCH reader-safe universe closing at a 52-week high minus the share closing at a 52-week low, 5-day average, weekly bars for the last two years; history since January 2016. Through 10 Sep 2026.
Net new highs, weekly
% of names at a 52-week high minus % at a 52-week low; 5-day average at each Friday
Red bars: more names at 52-week lows than at highs. Last bar = latest week.
The index over the same two years
SPY dividend-adjusted close, weekly
What it shows · fact
Over the last five sessions to 10 Sep 2026, 1.5% of 826 names closed at a 52-week high and 2.0% at a 52-week low: net -0.6%, the 12th percentile since 2016.
SPY closed -2.6% from its own 52-week high. Net new highs were negative in 7 of the last 52 weekly readings.
Why it matters · inference
The index is near its high while more of its members are making lows than highs. That is a divergence: the index is being carried by fewer names, and the average stock is not confirming.
What would change this read
A move of the 5-day net reading above zero for several consecutive weeks would reverse this read.
Net highs swing with the 52-week window: names that fell a year ago can print highs on modest gains, so compare with the share of names above their 200-day average.
Method
- 52-week high (low): adjusted close equal to the maximum (minimum) of the trailing 252 sessions, at least 240 observations.
- Shares are of names with a valid 252-day history on each date; 5-day moving average, sampled at Fridays for the bars.
- Survivor bias: history is computed on today's reader-safe universe (826 names with prices), so names that left the market earlier are missing and past breadth reads slightly better than it was.
Sources
- MCH research warehouse, daily adjusted closes (Alpha Vantage); through 10 Sep 2026.
Universe
| Names in the published feed | 886 |
| Excluded: held, suspended, withdrawn, deferred, deal-pending or pending review | 53 |
| Reader-safe universe | 833 |
| Used in this exhibit | 826 |
Names whose rating is held, suspended, withdrawn, deferred or under a pending deal are excluded from every exhibit, so no held output appears here.
General and impersonal investment research. Not personal financial advice. Forecasts, valuations and model outputs are estimates and may be wrong. See Investment Disclaimer.
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