Strength in Numbers 💪

Today's number is... 23

That’s how many consecutive days new highs on the NYSE + NASDAQ have outnumbered new lows.

Here’s the chart:

Let's break down what the chart shows:

• The top panel shows the S&P 500 daily close in black.
• The middle panel plots daily NYSE + NASDAQ net new highs: green bars for positive readings, red for negative.
• The bottom panel tracks the number of consecutive days where net new highs (green) or new lows (red) dominate.

The Takeaway: This 23 day run of net new highs isn’t noise — it’s confirmation.

Since 1966, streaks like this have averaged 28 days and tend to show up in strong, advancing markets. 

They don’t mark turning points — they validate trends already in motion.

The last time we saw a run this long was January 2024. That followed the Q4 2023 breakout and confirmed the trend had legs. 

Participation is expanding across the tape.

That’s what real bull markets look like.

And the flip has been sharp. Just a few months back, new lows dominated for 44 straight days — a sign of internal stress. 

That’s been erased. Buyers are now in charge, and they haven’t flinched.

Markets don’t grind higher on hope.

This is real participation — the kind that shows up in strong bull markets, not at the edges.

Still think this is hype?

The internals say it’s real.

Let me know! 

Grant Hawkridge | Chief Aussie Operator, All Star Charts

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