Hindenburg Omen Appears Three Times in 6 Days; Major Indices Still Up (2/11/2026)

The "Hindenburg Omen," a bearish indicator tracking extreme market divergence when both a high proportion of stocks post 52-week highs and a high proportion post 52-week lows occur simultaneously, has appeared three times in six trading days. Indices remain firmer: the S&P 500, Dow Jones, and Nasdaq all gained after the omen reemerged on Feb 7. The omen, derived from Norman Fosback's High-Low Logic Index, signals divergence exceeding 5% when using his criteria, though many followers use a 2.5%–3% threshold. MarketWatch columnist Mark Hulbert and Hayes Martin of Market Extremes note the omen lacks reliable predictive power for market tops and is not a strong sell signal. Despite the divergence, Martin highlights a potential 5%–10% pullback and notes that rising bond yields have historically preceded 8%–13% drawdowns without divergence. Overall, major uptrends remain intact, but investors should monitor for short-term volatility.