MCH Analysis · Research
Graph 8 of 10 · Week of 2 Oct 2026Breadth & Leadership

SPY nears its high while more stocks make lows than highs

SPY is 1.5% below its 52-week high. Across 821 stocks, 1.1% hit 52-week highs and 4.4% lows over the last week, net -3.3%.

Prices through 1 Oct 2026Universe 821 names with prices
Net new highs
-3.3%
1.1% at highs, 4.4% at lows (5-day average)
Percentile since 2016
6th
SPY vs its 52-week high
-1.5%
Cap-weighted index
Negative weeks, last year
10
of 52 weekly readings

Net new highs, weekly

% of names at a 52-week high minus % at a 52-week low; 5-day average at each Friday

Source MCH research warehouse, daily adjusted closes (Alpha Vantage)
Red bars: more names at 52-week lows than at highs. Last bar = latest week.
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The index over the same two years

SPY dividend-adjusted close, weekly

Source MCH research warehouse, daily adjusted closes (Alpha Vantage)
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What it means · inference

  • Fewer stocks are carrying the index higher
  • The average stock is not confirming the rally
  • Recent divergence: negative in only 10 of 52 weeks

For investors · general, not personal financial advice

  • Cap-weighted returns rest on a narrowing group
  • Index strength overstates how the average stock fares

What would change it

  • Net new highs above zero for several weeks
  • Highs and lows swing with year-ago price levels

Method

  • What is measured: 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 1 Oct 2026.
  • 52-week high (low): adjusted close equal to the maximum (minimum) of the trailing 252 sessions, at least 240 observations; same definition as a companion MCH dashboard.
  • 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 (821 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 1 Oct 2026.

Universe

Names in the published feed886
Excluded: held, suspended, withdrawn, deferred, deal-pending or pending review58
Reader-safe universe828
Used in this exhibit821

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.

MCH Analysis is a general investment-research publication of MCH Advisory (Pty) Ltd. It is not personal financial advice and does not take your circumstances into account. MCH is not a licensed financial services provider or a registered investment adviser. Past performance, whether actual or simulated, does not predict future results. Subscriber Agreement | Privacy and Cookie Notice | Research Governance Policies