The number of S&P 500 stocks making new 52-week highs remains low. 

The last time we had more than 60 in a single day was 3/2/26. 

So, is it a problem that fewer stocks are making new highs while the index pushes higher? 

Not necessarily. 

Historically, this tends to be a lagging indicator, as it often takes time for broader participation to catch up during an uptrend. 

We’ve seen similar periods over the years where leadership remained narrow before broadening out later. 

Let’s also not forget that the first time we saw more than 100 stocks make new two-week highs since late 2024 occurred in early February’26… 

…right before the SPX began to fall apart. 

In other words, an acceleration in participation did NOT prevent a short-term correction. 

For now, the big question is whether any pullback in Technology gets offset by strength in lagging areas. 

If capital DOES rotate into groups that have thus far underperformed, we could ironically see the SPX pause or pull back even as more stocks begin making new highs.