Breadth Divergence Recalls 1929 And 1999 As S&P Nears Highs
Jason Goepfert reports that the S&P 500 rallied at least 1% to within 1% of a new high while more stocks hit new lows than highs, a pattern he says has occurred only on July 23, 1929 and December 21, 1999. He also notes that few stocks remain in long-term uptrends.
Original post · 1 min read
But this is crazy stuff.
There are 2 days in history like today, when the S&P 500 $SPY rallied at least 1% to within 1% of a new high, and more of its stocks fell to new lows than highs.
• Jul 23, 1929
• Dec 21, 1999
Jason Goepfert @jasongoepfertWe've never in almost 100 years seen breadth this bad.
The S&P $SPY is knocking on new highs but there are (many) more stocks at lows than highs.
The percentage of stocks in long-term uptrends is plunging.
The only remotely similar setups were January 1973 and November 1999.

