What was the lowest and highest percentage since 2017?
The lowest close since 2017 was 3.8% on Mar 20, 2020, during the Covid crash, when almost every member fell below its trend line at once. The highest was 96.5% on Apr 21, 2021, during the broad rally that followed. Each year’s low and high:
Yearly lowYearly high
| Year | Low | High | Year-end | What was happening at the low |
|---|
| 2017 | 71.0% (Aug 18) | 89.5% (Mar 1) | 85.1% | A calm year with no deep pullback |
| 2018 | 11.4% (Dec 24) | 86.4% (Jan 26) | 24.5% | The fourth-quarter selloff, which bottomed on Christmas Eve |
| 2019 | 16.5% (Jan 3) | 84.1% (Dec 27) | 83.6% | Just after the late-2018 selloff |
| 2020 | 3.8% (Mar 20) | 93.4% (Dec 1) | 92.8% | The Covid crash |
| 2021 | 57.0% (Dec 1) | 96.5% (Apr 21) | 76.6% | A late-year pullback after a broad rally |
| 2022 | 12.0% (Jun 17) | 78.1% (Jan 4) | 52.2% | The 2022 bear market, as the Fed raised rates to fight inflation |
| 2023 | 29.8% (Oct 27) | 82.2% (Dec 28) | 82.2% | The autumn 2023 pullback, before a year-end rally |
| 2024 | 58.8% (Dec 19) | 87.7% (Mar 28) | 60.4% | A December dip after a strong year |
| 2025 | 18.5% (Apr 8) | 73.1% (Aug 22) | 62.1% | The April 2025 tariff selloff |
| 2026 | 42.4% (Sep 30) | 75.6% (Aug 19) | 61.8% (Oct 27) | A September decline |
- 2017
- Low
- 71.0% (Aug 18)
- High
- 89.5% (Mar 1)
- Year-end
- 85.1%
- What was happening at the low
- A calm year with no deep pullback
- 2018
- Low
- 11.4% (Dec 24)
- High
- 86.4% (Jan 26)
- Year-end
- 24.5%
- What was happening at the low
- The fourth-quarter selloff, which bottomed on Christmas Eve
- 2019
- Low
- 16.5% (Jan 3)
- High
- 84.1% (Dec 27)
- Year-end
- 83.6%
- What was happening at the low
- Just after the late-2018 selloff
- 2020
- Low
- 3.8% (Mar 20)
- High
- 93.4% (Dec 1)
- Year-end
- 92.8%
- What was happening at the low
- The Covid crash
- 2021
- Low
- 57.0% (Dec 1)
- High
- 96.5% (Apr 21)
- Year-end
- 76.6%
- What was happening at the low
- A late-year pullback after a broad rally
- 2022
- Low
- 12.0% (Jun 17)
- High
- 78.1% (Jan 4)
- Year-end
- 52.2%
- What was happening at the low
- The 2022 bear market, as the Fed raised rates to fight inflation
- 2023
- Low
- 29.8% (Oct 27)
- High
- 82.2% (Dec 28)
- Year-end
- 82.2%
- What was happening at the low
- The autumn 2023 pullback, before a year-end rally
- 2024
- Low
- 58.8% (Dec 19)
- High
- 87.7% (Mar 28)
- Year-end
- 60.4%
- What was happening at the low
- A December dip after a strong year
- 2025
- Low
- 18.5% (Apr 8)
- High
- 73.1% (Aug 22)
- Year-end
- 62.1%
- What was happening at the low
- The April 2025 tariff selloff
- 2026
- Low
- 42.4% (Sep 30)
- High
- 75.6% (Aug 19)
- Year-end
- 61.8% (Oct 27)
- What was happening at the low
- A September decline
The deepest readings line up with the best‑known selloffs of the period: late 2018, March 2020, mid‑2022 and April 2025. How far individual stocks sit below their own highs, a related count, is in how many S&P 500 stocks are in a bear market.
Why can the S&P 500 rise while fewer stocks are above their 200-day average?
Because the S&P 500 index is weighted by market value and this count is not. In the index, a handful of the largest companies carry a large share of the weight, so their moves can lift the index even when many smaller members trend lower. In the count, every stock is one vote, from the largest to the smallest.
When the two drift apart, analysts call it a divergence: the index near its highs while a smaller share of its members is in an uptrend. It describes how a rally is spread across stocks. It does not, on its own, say what the index does next, and it has resolved both ways in the past, with the laggards catching up or the leaders falling back.
How concentrated recent gains were is covered in is the stock market rally too narrow and in the Magnificent 7 vs the other 493. The wider idea of measuring participation, with other gauges such as advance‑decline lines and new highs vs new lows, is in what is breadth in the stock market.
How this percentage was calculated
For each stock and each trading day, the close is compared with the simple average of that stock’s last 200 closes, using dividend‑adjusted prices from Exent’s price data. A stock counts as above when its close is higher than that average. A stock enters the count once it has 200 closes. The share is the number above divided by the members with data that day.
Members are today’s S&P 500 constituents, from the index list as of Oct 20, 2026. The daily series runs from Jan 3, 2017 to Oct 27, 2026 (2,468 trading days), counting only days with at least 400 members with data; month‑ends cover 465 to 500 stocks.
Survivorship: the history uses today’s members at every date. Companies that fell out of the index, often after weak stretches, are missing, so older readings are tilted upward compared with the index as it stood at the time. Published breadth series that use historical membership will show different numbers, especially in selloffs. These figures describe the past. They are not a forecast.
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.
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