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With the S&P 500 closing at a new bull market high Tuesday, one would have expected a larger number of stocks in the index to also hit new 52-week highs. The reality, however, is that on a net basis (new highs minus new lows), just 43 stocks in the index hit 52-week highs yesterday. This compares to a peak daily reading of 22% over the last year. Likewise, not one of the ten S&P 500 sectors saw a new high in the number of stocks hitting 52-week highs yesterday.

As shown in the chart below, none even came close. Granted, the S&P 500 only marginally made a new high, but if the index rallies another two to three percent and the list of new highs does not see a meaningful expansion, it will be a cause for concern.

(click to enlarge)