575 New Lows Behind the S&P 500's Near-High Tape
The S&P 500 sits roughly 2% below its all-time high, and the tape underneath is quietly coming apart. Last week the NYSE logged 575 new 52-week lows against just 70 new highs, and the cumulative advance/decline lines for both the S&P 500 and the Nasdaq composite made multi-month lows even as the headline indices flirted with records. A market that is grinding higher on the surface while its internals shrink on the way up does not trade like a healthy market for long.
Key Takeaways The NYSE recorded 575 new 52-week lows last week versus just 70 new highs, even as the S&P 500 held about 2% below its all-time high. Only four of eleven S&P sectors advanced last week, and just technology and commu…
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