Solid confirmation from net new highs

The S&P 500 reached a new all-time high yesterday (1/6/2026).

The spread between 52-week highs and 52-week lows moved to a cycle high at 54 to confirmed both this new high and the rally from the April 2025 low.

Ideally, the spread between new highs vs. new lows continues to improve with room to run to levels achieved on the rally from late 2023 into early 2025 in the 95 to 124 range.

Chart 1: S&P 500 (top) and the spread between 52-week highs and 52-week lows with the 10-day moving average