A surprising thing is happening underneath the S&P 500's record run
Key takeaways
- On Friday, the S&P 500 closed 7.7% above its 50-day moving average, yet only 52% of its components closed above their own 50-day moving average, BTIG strategist Jonathan Krinsky pointed out in a new note.
- Further, since 1990, Friday’s session was just the third time ever that the S&P 500 had more new lows than highs on a day when the S&P 500 itself made a new high.
- Read more: How to protect your money during turmoil, stock market volatility
A surprising thing is happening underneath the S&P 500's record run Brian Sozzi · Executive Editor Mon, May 11, 2026 at 6:50 PM GMT+7 3 min read ^GSPC The record-setting run for the S&P 500 (^GSPC) has a few potholes in it that look to be getting larger.
On Friday, the S&P 500 closed 7.7% above its 50-day moving average, yet only 52% of its components closed above their own 50-day moving average, BTIG strategist Jonathan Krinsky pointed out in a new note. In the past 30 years, the S&P 500 has never had fewer than 55% of its components above their 50-day moving averages when the index itself was at least 7% above its 50-day moving average, Krinsky noted.
Further, since 1990, Friday’s session was just the third time ever that the S&P 500 had more new lows than highs on a day when the S&P 500 itself made a new high.