Still so many new highs

Thanks to increasingly easy comparisons from a year ago, and a deluge of SPACs and other detritus, the number of securities hitting 52-week highs on the Nasdaq continued to overwhelm the number falling to 52-week lows, even though the Composite lost more than 2% on the day. Today marked only the 2nd time since at least 1984 when the Nasdaq lost more than 2% and yet more than a net of 8% of securities on the Nasdaq exchange hit a 52-week high. The other day was January 24, 2000. The table below shows all days since '84 when the Nasdaq lost 2% or more and yet more than a net 5% of issues reached 52-week highs.