With the S&P 500’s rally off of the 3/23 low continuing yesterday, a handful of stocks in the index actually made new 52 week highs!  Other than yesterday’s new highs, there are only 19 stocks in the index that have reached a 52 week high at some point since the beginning of March.  Regeneron (REGN) was one of the few stocks that rallied in that time frame on hopes that the company would develop a treatment for COVID-19.  Other than REGN, stocks in this group seem to be plays on the COVID economy including consumer staples retailers like Walmart (WMT) and Dollar General (DG) as well as plays on Americans staying at home like Netflix (NFLX) and Amazon (AMZN).

With that outperformance during the worst of the sell-off and solid gains since the March 23rd low, most of these stocks are currently mid to high single digits above their February 19th levels except for Regeneron (REGN) and Newmont (NEM) which are 30.94% and 29.72% above, respectively.

As shown in the table above, which can also be seen in the charts from our Chart Scanner below, the COVID collapse that lasted from February into March only resulted in Amazon (AMZN) reaching a 52-week low. AMZN’s 52 week low occurred on March 16th; one week before the rest of the market’s bottom.  Every other stock of those that made a new 52-high yesterday saw its 52-week low at some point in 2019.

As shown below, several of these stocks reaching 52-week highs means that they have cleared some form of significant resistance. Dollar General (DG) and Netflix (NFLX), for example, unsuccessfully tested resistance multiple times within the past year before these most recent breakouts. As for trends, each one is currently in a rough uptrend over the past six months to a year putting aside some disruption from the volatility of the recent sell-off.  Start a two-week free trial to Bespoke Institutional to access our Chart Scanner and much more.

Print Friendly, PDF & Email