Every day in our Daily Sector Snapshot, we provide a look at the net percentage of S&P 500 stocks that are making new 52-week highs (percentage of new 52 week highs minus the percentage of new 52 week lows).  Even though the S&P 500 has continued to hit new highs recently, the same cannot be said for much of the individual stocks that the index is comprised of.  Historically for the S&P 500 when it has reached all-time highs, the average reading on the net percentage of new highs has stood at 12.35%.  Today, it is around 5 percentage points lower at 7.33% and is off the post bear market low peak of 10.1% from July 23rd. The same can also be said for each of the eleven sectors. At the moment there is only one sector, Materials, that is currently at its highest level since the bear market low.  Every other sector is currently off-peak with no stocks reaching new highs in Energy, Real Estates, and Utilities. Meanwhile, Consumer Staples has seen its share of stocks at new highs fall the most dramatically recently with the reading as of yesterday’s close the lowest since August 13th.  Financials also continue to show positive readings but those remain far more muted than what was observed prior to the pandemic. On the other hand, unsurprisingly the sector with the highest net percentage of new highs currently is Technology at 16.9%, but that too is off the peak of nearly 20% from just about a week ago. Granted, for Tech that reading has generally been trending higher recently as it also has for Health Care, Industrials, Communication Services, and Consumer Discretionary.  Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.

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