Sep 9, 2026current
Net -1001 month pendingPullback —
BreadthUpdated daily after close
New Highs – New Lows: 52-Week Breadth Balance vs SPY
Daily 52-week new highs vs new lows across roughly 4,750 eligible US common stocks in a typical session — the leadership gauge. Fresh highs measure leadership being created; fresh lows measure breakdown. The spread, its cumulative line, and the split-market configuration (both high at once) are the inputs behind the Hindenburg Omen.
Today's reading
As of market close on October 5, 2026, 85 US stocks made new 52-week highs (1.8% of issues) and 306 made new 52-week lows (6.4%) — a spread of -221, net breakdown. The cumulative NH-NL line stands at 184,682, measured across 4,745 qualifying issues since 2010. NYSE-listed new lows outnumber new highs by 103 with SPY within 5% of its record. After the 8 earlier graded cases SPY was higher three months later 3 times; section 04 has every one.
Sources, methodology & freshnessDaily OHLCV for eligible US common stocks (several thousand in a session; 2010–present) · Daily after market close (~1:30 PM PT)Data as of 2026-10-05 · Open ↓Close ↑
Source
Daily OHLCV for eligible US common stocks (several thousand in a session; 2010–present)
Methodology
Rolling 365-day high/low per stock (excl. today); daily NH/NL counts, spread, and cumulative line
Updates
Daily after market close (~1:30 PM PT)Data as of 2026-10-05
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
All US stocks · cumulative NH-NL2026-10-05 · close
CONTRACTING
▼ -4,704
The cumulative line is falling — net new lows are accumulating and the leadership is narrowing.
Stands at 184,682 · -4,704 over 1mo · -2,709 over 3mo.
New Highs
85
1.8% of issues
New Lows
306
6.4% of issues
NH/NL Ratio
0.28
highs per low
Universe
4,745
qualifying issues
SPY closed at $774.83, up 0.2% over the past month. Watch whether the cumulative line confirms the index or diverges from it.
Range:
01
Cumulative NH-NL line by universe
All US Stocks: Cumulative NH-NL Line
Running total of the daily NH−NL spread across every eligible US common stock since 2010, the headline gauge. A rising line is broadening leadership; a falling line under a rising index is the textbook leadership divergence.
All US stocks cumulative NH-NLSPY price (right)
S&P 500 Members: Cumulative NH-NL Line
The same running total for today's S&P 500 members (495 of 504 have a year of prices; list as of 2026-10-05). On 2026-10-05: 12 new highs and 18 new lows among 495 scored members.
S&P 500 members cumulative NH-NLSPY price (right)
Nasdaq-100 Members: Cumulative NH-NL Line
The same running total for today's Nasdaq-100 members (99 of 101 have a year of prices; list as of 2026-10-05). On 2026-10-05: 5 new highs and 2 new lows among 99 scored members.
Nasdaq-100 members cumulative NH-NLQQQ price (right)
Survivorship caveat. The S&P 500 and Nasdaq-100 lines use today's members all the way back to 2010; we hold no historical membership. Companies removed from either index, often after a run of new lows, are missing, and later additions are counted before they joined. Older readings are therefore biased upward and these lines drift up over time, so read them for recent turns and divergences. Their long-run slope and their level against the all-stocks line carry that bias.
All Nasdaq-Listed Stocks: Cumulative NH-NL Line
Every eligible common stock listed on Nasdaq, 2,495 scored on 2026-10-05 (45 new highs, 162 new lows). Most are small companies, so this line shows the breadth beneath the Nasdaq-100. Membership comes from each stock's listing exchange, so it carries none of the index lines' membership drift.
All Nasdaq-listed cumulative NH-NLQQQ price (right)
02
Daily new highs vs new lows
All US Stocks: New 52-Week Highs vs New 52-Week Lows
New highs above the zero line (green), new lows mirrored below (red), SPY overlaid. 1,000+ new-low days mark indiscriminate liquidation.
New 52-week highsNew 52-week lowsSPY price (right)
03
Net new highs by universe
Net New Highs as a Share of Each Universe
New highs minus new lows divided by the stocks scored in that universe that day, so a 100-stock index and a 2,500-stock exchange sit on the same scale. A stock is scored once it has a full year of prices.
All US Stocks
-4.7%
85 highs · 306 lows · 4,745 scored
S&P 500 Members
-1.2%
12 highs · 18 lows · 495 scored
Nasdaq-100 Members
+3.0%
5 highs · 2 lows · 99 scored
All Nasdaq-Listed
-4.7%
45 highs · 162 lows · 2,495 scored
All US Stocks: Net New Highs (% of Scored Stocks)
Net NH−NL (% of scored stocks)SPY price (right)
S&P 500 Members: Net New Highs (% of Scored Members)
Net NH−NL (% of scored stocks)SPY price (right)
Nasdaq-100 Members: Net New Highs (% of Scored Members)
Net NH−NL (% of scored stocks)QQQ price (right)
All Nasdaq-Listed Stocks: Net New Highs (% of Scored Stocks)
Net NH−NL (% of scored stocks)QQQ price (right)
The S&P 500 and Nasdaq-100 panels count today's members on every date. A daily share is less exposed to that choice than a running total, but stocks that later left either index are missing from older readings, which leans those readings toward fewer new lows.
04
NYSE-listed stocks: new lows near a record, and what happened next
On Oct 5, 2026 NYSE-listed stocks set 142 new 52-week lows against 39 new highs, a net of -103, with SPY 0.4% below its record. That meets the rule. The current episode began Sep 9, 2026, 18 sessions ago, and its worst day so far was -314 on Sep 24, 2026.
The rule: NYSE-listed new highs minus new lows at -100 or worse while SPY closes within 5% of its all-time high, counting only the first day of each episode. In the 8 earlier episodes old enough to grade, SPY was higher three months later 3 times, with a median of -3.2% against +3.8% for any session since 2010. The typical episode saw a 10.9% pullback somewhere in those three months.
NYSE-listed net new highs, weekly low, with each episode marked
NYSE-listed net new highs, weekly low, with each episode marked
Dec 18, 2024-2.1%
Net -1111 month +3.4%Pullback -10.0%
Nov 26, 2021-4.9%
Net -1011 month +3.9%Pullback -11.7%
Oct 4, 2018-12.1%
Net -1001 month -6.1%Pullback -19.0%
Dec 7, 2015-4.3%
Net -1021 month -6.9%Pullback -12.2%
Jun 29, 2015-8.5%
Net -1371 month +2.6%Pullback -11.9%
Dec 12, 2014+3.5%
Net -1431 month +0.0%Pullback -4.7%
Oct 1, 2014+5.8%
Net -1121 month +2.6%Pullback -5.3%
Jun 20, 2013+8.4%
Net -1481 month +6.3%Pullback -4.5%
Median of 8 graded: -3.2% over 3 months against +3.8% for any session.
8 episodes, some only months apart, is a pattern to watch and too few to be a statistic. Our NYSE count is built from today's listed stocks, so companies that later delisted are missing and older readings understate new lows. Measured as a share of NYSE issues instead of a fixed count (-5.79%), the rule finds 9 episodes with a three-month median of -2.9%. Returns are SPY price only.
Reading the current tape
On 2026-10-05, 85 stocks made new 52-week highs and 306 made new 52-week lows across 4,745 qualifying issues — a spread of -221. The cumulative NH-NL line stands at 184,682 with SPY at $774.83.
All US stocks · cumulative NH-NL2026-10-05 · close
CONTRACTING
▼ -4,704
The cumulative line is falling — net new lows are accumulating and the leadership is narrowing.
Stands at 184,682 · -4,704 over 1mo · -2,709 over 3mo.
New Highs
85
1.8% of issues
New Lows
306
6.4% of issues
NH/NL Ratio
0.28
highs per low
Universe
4,745
qualifying issues
SPY closed at $774.83, up 0.2% over the past month. Watch whether the cumulative line confirms the index or diverges from it.
How New Highs – New Lows Works
- 1Track every stock's trailing 52-week rangeFor each eligible US common stock — several thousand in a session — we maintain the rolling 52-week (365-calendar-day) high and low of its daily highs and lows, excluding the current day.
- 2Count the day's new highs and new lowsA stock prints a new high when today's high exceeds its prior 52-week high, and a new low when today's low undercuts its prior 52-week low. Stocks need a full year of history to qualify — recent IPOs are excluded until they do.
- 3NH − NL is the day's leadership balancePositive spreads mean fresh leadership is expanding; negative spreads mean more stocks are breaking down than breaking out. The magnitude matters: triple-digit negative readings with the index near highs are the classic warning.
- 4Accumulate into the cumulative NH-NL lineLike the A-D line, the running total filters daily noise. A falling cumulative NH-NL line during a rising market is a textbook negative divergence — the pattern at the heart of the Hindenburg Omen.
Who Uses New Highs – New Lows
Trend Followers
Regime confirmation: sustained positive NH-NL spreads confirm healthy uptrends. Treat persistent negative spreads as a no-new-longs filter even when the index holds up.
Risk Managers
Split-market detection: simultaneously elevated new highs AND new lows (both >2.2% of issues) is the Hindenburg precondition — internal disagreement that often precedes volatility.
Bottom Fishers
Climax spotting: new-low counts above ~1,000 across the broad universe mark indiscriminate selling; the subsequent contraction in new lows (even as price retests) is the classic bottoming signature.
Sector Rotators
Use expanding new highs during flat tape as evidence of stealth leadership building beneath the surface — then find it with the sector health dashboard.
Pro Tips
01
New lows lead at tops; new highs lead at bottoms
Expanding new lows while the index makes highs is the single most reliable internal warning. Conversely, the FIRST surge of new highs off a washout (even a modest one) tends to mark durable lows.
02
Watch the contraction as well as the expansion
At selloff lows, the second test of price lows on far fewer new lows is the high-probability turn signal — selling pressure exhausting even as price revisits the level.
03
Normalize by universe size mentally
A 150 new-low day means something different in a 3,000-issue market than a market several thousand issues wide. The Hindenburg threshold style (% of total issues) is the cleaner way to think about extremes.
04
Pair with the A-D line
NH-NL measures leadership at the extremes of the 52-week range; A-D measures everyday direction. Deterioration in BOTH is materially more bearish than either alone.
Common Issues & Solutions
NH-NL ratio shows "—" some days▾
On days with zero new lows the high/low ratio is undefined (division by zero), so we render a dash rather than a misleading number. The NH−NL spread is always available.
The counts look different from NYSE-only NH-NL data▾
Universe difference: classic NH-NL services count NYSE listings (including funds); we count eligible US common stocks across exchanges, several thousand in a session. The page also shows the same counts for S&P 500 members, Nasdaq-100 members and all Nasdaq-listed stocks. Levels differ; the patterns and divergences read the same way.
Why do new highs and new lows spike at the same time?▾
Split markets — money rotating hard between groups (e.g. value making highs while growth makes lows). It's genuine information, not bad data: that internal disagreement is exactly what the Hindenburg Omen formalizes.
Frequently Asked Questions
What are 52-week new highs and new lows?▾
A stock makes a 52-week new high when today's high exceeds the highest price it traded at over the prior year, and a new low when today's low undercuts the prior year's lowest price. The daily counts across the whole market measure how much fresh leadership (highs) versus fresh breakdown (lows) is being created.
How do I read the NH-NL spread?▾
Positive = more stocks breaking out than breaking down; negative = the reverse. Healthy uptrends sustain positive spreads. The warning configuration is negative or deteriorating spreads while the index itself is flat or rising — leadership narrowing beneath the surface.
What is the cumulative NH-NL line?▾
The running sum of each day's NH−NL spread. It smooths daily noise into a trend: rising = leadership expanding, falling = leadership contracting. Divergences between this line and the index behave like A-D line divergences, with more emphasis on the extremes of the 52-week range.
What is an extreme new-low reading?▾
Across our eligible common-stock universe, 1,000+ new lows in a single day marks indiscriminate liquidation (seen in 2011, 2018, 2020, 2022). Such days cluster near — but do not precisely time — durable lows. The follow-through signal is new lows contracting on the next price retest.
How does this relate to the Hindenburg Omen?▾
The Hindenburg Omen fires when BOTH new highs and new lows exceed 2.2% of issues while the market is in an uptrend with negative breadth momentum — a formalized "split market" detector built directly on these counts. This page shows the raw ingredients; the Omen page shows the composite signal.
What universe does this use?▾
Several thousand eligible US common stocks in a session, drawn from our database of approximately 5,500 stored symbols (2010–present). A stock needs a full year of trading history before it can register a new high or low, so recent IPOs do not distort the counts.
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Last updated: 2026-10-05