S&P 500 Nears Record High While More Stocks Hit Lows Than Highs, a First Since 1999

The S&P 500 rose more than 1% on Monday, September 21, 2026, closing within 1% of its 52-week high, yet the number of stocks hitting new lows exceeded those hitting new highs — a divergence last seen on December 21, 1999, just months before the dot-com bubble peaked, according to SentimenTrader founder Jason Goepfert. Goepfert noted the only other historical occurrence was on July 23, 1929. Fewer than 30% of S&P 500 constituents currently trade above their 50-day moving averages, underscoring narrow market breadth. The rally has been driven mainly by communication services, information technology and consumer discretionary stocks, but only tech sits within 1% of its 52-week high; the other two sectors remain 4% and 7% below their respective peaks. Goldman Sachs' sentiment indicator has fallen to -0.9, its lowest in over a year. Strategies Art Hogan warned that Middle East tensions, elevated energy prices and further Federal Reserve rate hikes could keep triggering similar structural divergences.