Update to When NYSE Common Stock 52wk Highs Fail To Expand on Rally

Quick update regarding the last column. Despite the last hour rally, new 52-week highs among NYSE common stocks came in unchanged from Monday at 7. I’ve updated the previous track record to show all instances since 2005 when the S&P traded 0.5% above the previous day’s high and NYSE common stock 52-week highs came in less than or equal to the previous session. By adding in the ‘or equal to’ part, we gain six additional signals (5/27/10, 2/6/09, 1/16/09, 11/28/08, 11/10/08 & 10/13/08), all of which led to a lower S&P one week later. In total, we now find 33 occurrences since 2005, 26 (79%) of which led to a lower SPX five sessions later…

SPX 0.5% Above Previous Day’s High, NYSE Common Stock 52wk Highs <= Previous Session
06/09/11… SPX -1.7% one week later
04/27/11… SPX -0.6% one week later
06/15/10… SPX -1.8% one week later
05/27/10… SPX -3.5% one week later
09/17/09… SPX -1.4% one week later
07/16/09… SPX +3.8% one week later
06/29/09… SPX -5.0% one week later
05/19/09… SPX -1.7% one week later
05/06/09… SPX -3.9% one week later
04/16/09… SPX -1.6% one week later
04/13/09… SPX -3.1% one week later
03/12/09… SPX +4.4% one week later
03/04/09… SPX +1.2% one week later
02/06/09… SPX -4.8% one week later
02/03/09… SPX -1.4% one week later
01/16/09… SPX -1.6% one week later
01/02/09… SPX -4.5% one week later
11/28/08… SPX -2.3% one week later
11/10/08… SPX -7.5% one week later
11/04/08… SPX -10.6% one week later
10/31/08… SPX -3.9% one week later
10/28/08… SPX +6.9% one week later
10/17/08… SPX -6.8% one week later
10/13/08… SPX -1.8% one week later
08/06/08… SPX -0.3% one week later
06/25/08… SPX -4.6% one week later
05/12/08… SPX +1.6% one week later
02/13/08… SPX -1.8% one week later
01/24/08… SPX +2.0% one week later
12/24/07… SPX -3.3% one week later
12/10/07… SPX -4.6% one week later
04/20/06… SPX -0.1% one week later
11/21/05… SPX +0.2% one week later

I also see new 52-week highs failed to expand on either the NYSE (all issues) or NASDAQ, coming in at 13 and 7 respectively.

Categories : Archived EOD Commentary, End-of-Day Commentary

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