Chart of the Day - Tuesday, May 11th, 2021

Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). Andrew highlights one bright spot within yesterday's ugly price action. The S&P 500 logged its first 1% drop in 35 trading days yesterday, which was the longest streak without a 1% decline since November 2019. However, 44% of the stocks within the S&P 500 reached 52-week highs, marking the highest percentage of new 52-week highs in over 20-years. In other words, there was a new high in new highs even while the index dropped 1%. If this is a major cyclical top, you'd expect to see a deterioration in new highs, rather than an expansion in new highs like what we saw yesterday.