A Weekly Record of How Many Stocks Rose, How Many Fell, and What the Averages Did Not Say
Vol. I · No. 28July 10, 2026
The Trend of the Market
S. & P. 500 Gains 1.2 Per Cent on the Week—Cumulative Advance-Decline Line 454 Issues Below July Peak—New Highs Exceed New Lows Fourteenth Week—The Week’s Count Less than Even
By the Editor
The S. & P. 500 finished the week at 7,575.39, up 1.23 per cent, 0.1 per cent below its high for the year of 7,580.06, set May 29. Underneath the average, the count of the market has gone the other way. The cumulative advance-decline line made its peak on July 2 at 6,988. In the one week since, it has given back 454 issues, and it now stands at 6,534.
The week’s own count was worse than even: 5,256 issues advanced and 5,710 declined. An average that rises while the count falls is being carried by fewer stocks.
New Highs
New highs have outnumbered new lows in each of the last fourteen weeks. This week the exchanges recorded 1,055 new highs against 643 new lows. The ten-week average of issues advancing is 52.5 per cent, down from 53.1 a week ago.
Market Charts
The Price of the Market Against the Count of the Market
— Weekly, January 2, 2026 – July 10, 2026 —
Fig. 1.—S. & P. 500 weekly close, drawn as an open ribbon (above), and the cumulative advance-decline line for all U.S. exchanges (below), with readings under zero on the stippled ground, January 2, 2026 to July 10, 2026. Since July 2 the index has gained 1.2 per cent while the line has fallen 454 issues.
Per Cent of Issues Advancing
Fig. 2.—Weekly share of issues that advanced, measured from 50 per cent. Hatched bars mark up weeks for the average stock, open bars on the stippled ground mark down weeks. The heavy line is the ten-week average.
New Highs Less New Lows
Fig. 3.—Weekly new 52-week highs minus new lows, all exchanges. Above the line every week since April 10. The heavy line is the four-week average.
MARKET STATISTICS
S. & P. 500
Advances & Declines
New
Close
Change
Net
Cumulative
Pct. Adv.
Highs
Lows
Tone
The last eight weeks. Tone compares the week’s breadth with the week’s price move. Back numbers for all 28 weeks since January 2, 2026 are on file.
From the Editor
Why We Call It the Count of the Market
A Note on Col. Leonard P. Ayres, 1879–1946, and the Daily Tally He Began
Leonard Ayres served as chief statistician of the Army in the First World War. He later became vice president and economist of the Cleveland Trust Company, where he wrote its monthly Business Bulletin. With his assistant, James F. Hughes, he kept a daily tally of how many stocks rose and how many fell. He called it the count of the market.
“I think this will make an interesting stock market statistic.”AYRES TO HUGHES, AS HUGHES RECALLED IT IN 1951
The average tells you how far the market moved. The count tells you how many stocks went along. This publication keeps that count every week, in the manner Ayres began it.