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< BACK TO ALL REPORTS

More new highs, more odd readings

Jason Goepfert
2020-08-18

The Nasdaq Composite gained more than 0.7% to close at a new high. And yet fewer than 38% of stocks on that exchange managed to gain on Tuesday. These kinds of very odd readings, with the indexes masking weak (even record low) participation have been building for several weeks. Since 1984, the Nasdaq has done something like this 6 other times, the last ones being in 1999 and 2007 (1996-02-21, 1996-12-09, 1999-11-24, 2007-04-20, 2007-07-19, and 2007-10-31). Similarly, the S&P 500 broke out to a new all-time high for the first time in more than 90 days, yet only one of its main sectors also did so, the first time it has done this in 25 years. We'll have more detail on that on Wednesday.

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