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Splitsville

Jason Goepfert
2021-03-05

We've noted several times in the Daily Report how unusual it is that we've been seeing such a split in the market, with a large number of securities at 52-week highs at the same time there is a large number at 52-week lows. Jay highlighted this split market on the Nasdaq yesterday and how it has preceded weak returns.

It only got worse. On Thursday, a minimum of more than 4.65% of issues on both the NYSE and Nasdaq hit a 52-week extreme. This is remarkable, as it's the 2nd-highest reading since we have data for both exchanges back to 1984.

Anytime this figure exceeded 3.5%, stocks had a very tough time holding gains. Split markets are not a bullish phenomenon.

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