Over 35% of S&P 500 stocks are above their December 2024 highest high.
Here’s the chart:
Let's break down what the chart shows:
The blue line in the top panel shows the price of the S&P 500 index.
The black line in the bottom panelis the percentage of S&P 500 stocks that are above their December 2024 highest high.
The Takeaway: Right now, over 35% of S&P 500 stocks are trading above their December 2024 highest high.
That’s the most we’ve seen since February 19, 2025.
This matters because December is when I first saw signs of weakness.
Momentum was slowing. Trends were rolling over. Fewer stocks were hitting new highs.
At the same time, more stocks were declining than advancing.
Sentiment was bearish—even while the index was still pushing new highs.
That told me the surface strength didn’t match what was happening underneath. So I anchored to the December highest highs as a key level. If stocks were below this key high, I saw that as a sign of risk.
Now, with more than 35% of stocks back above their key December highs, something has shifted.
This is participation.
Not just a few stocks leading—more and more names are showing strength.
This is what market recovery looks like. It tells me buyers are stepping back in.
It doesn’t mean everything is perfect. But we’ve moved from a weak market to real improvement. That’s important.
So what do we watch from here?
Do more stocks keep pushing above their December highest highs?
Or does this stall out?
For now, the shift is clear. Strength is returning. This looks more like a market getting stronger… Not weaker!
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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