Fidelity just posted what I found an interesting analysis of the market's new highs by Jurrien Timmer who find to be one of their better analysts.
https://www.fidelity.com/learning-c...tors/stock-market-highs?ccsource=email_weekly
One of his more interesting comments was:
"While the SPX gained 0.8% to close at a new all-time high, every single sector in the US stock market had more decliners than advancers last week. All 11 sectors, even tech.
How rare is this occurrence? Extremely rare. In fact, since 1998 it has only happened 4 times.
Last week's return of +0.8% was the highest return since 1998 when this condition was met. Normally when all 11 sectors are in the red, the SPX return would be around −3%. One for the record books"
He goes on to say, while really rare, the outcomes after the previous are mixed with half the time market goes up and half the time down.