S&P 500 New Highs vs New Lows % (monthly) We’re seeing clear range compression — the swings are getting smaller. This is classic late-cycle behavior: fewer stocks participating in the rally, even as the major indexes make new highs. Narrow breadth + extreme concentration = higher risk. Worth watching closely, it will break out of this triangle, eventually.
Published May 31, 2026Updated May 31, 20262 min read
S&P 500 New Highs vs New Lows % (monthly) We’re seeing clear range compression — the swings are getting smaller. This is classic late-cycle behavior: fewer stocks participating in the rally, even as the major indexes make new highs. Narrow breadth + extreme concentration = higher risk. Worth watching closely, it will break out of this triangle, eventually.
