Fresh Highs Short Term And Long Term

Stocks ripped higher yesterday with the S&P 500 rising over 3% on the day. For some stocks in the index, this surge in buying helped to finally push price above their ranges that have been in place over the past several weeks. While not every stock in the index that is experiencing this pattern is shown, in the charts from our Chart Scanner tool below, we show 20 S&P 500 stocks that saw this type of breakout from a sideways trend yesterday. These breakouts were not specific to any one group but could be found across the various sectors. While they still have a ways to go until they reach their prior highs, these bullish breakouts also marked the highest levels of these stocks since bottoming in March. For a few stocks, the sideways trends of the past several weeks also coincided with the 200-day and 50-day moving averages which have acted as either support or resistance. That was the case with stocks like Align (ALGN), Best Buy (BBY), CH Robinson Worldwide (CHRW) and Masco (MAS) to name a few.

 

Not only are some stocks hitting their highest level of the past few weeks but some are also reaching their highest levels of the past year. From our 52-week high screen in our Chart Scanner, the charts below show a dozen S&P 500 stocks that rose to fresh 52-week highs as of yesterday. Again these are not bound to any single group instead showing participation across sectors and industries. 

 

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