Don't Ignore This Chart!

Small-caps Lead New High List


As a percentage of total issues, small-caps are churning out more new highs than large-caps and leading the market. The chart below shows new highs (green) and new lows (red) for the S&P 500, S&P MidCap 400 and S&P Small-Cap 600 over the last eight months. Notice that there were 61 new highs in the S&P 500 on Friday, 95 new highs in the S&P MidCap 400 and 178 new highs in the S&P Small-Cap 600. As a percentage of the total issues, small-caps are leading the charge because over 30% of stocks in the index hit new highs. Also notice that new highs exceeded 100 twice for the S&P 500 and S&P MidCap 400 last week. New highs exceeded 150 on Wednesday, Thursday and Friday for the S&P Small-Cap 600, and even surpassed 200 last Thursday. There is clearly broad strength within the small-cap universe and this is where the leaders are to be found. 

Thanks for tuning in and have a great day!
--Arthur Hill CMT

Plan your Trade and Trade your Plan

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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