One number. One chart. One insight moving markets today.
Nothing Is More Bullish Than New Highs 🚀
By Grant Hawkridge
December 12, 2025
Today's number is... 37
The S&P 500 printed another all-time high yesterday, the 37th one this year.
Here’s the chart:
Let's break down what the chart shows:
The top panel displays daily S&P 500 price candlesticks in black.
Gray vertical lines highlight each all-time high.
The lower panel displays the S&P 500 advance-decline line as a black line.
The Takeaway: Price pushed to a fresh all-time high yesterday, and that keeps control with the bulls who have driven a 17.3% gain this year while keeping every pullback shallow.
The tape has not cracked once, and the trend continues to reward anyone who simply stops fighting it.
The count of all-time highs adds even more context. The average year prints 19.8 of them, yet 2025 just hit number 37, which tells us bulls continue to lean in and push the index higher with consistent strength.
Strong markets often stack highs in bunches, and that is exactly what this market keeps doing.
Breadth backed the move with the S&P 500 advance-decline line also closing at its own all-time high, which means participation is in line with price. When the index and the A-D line move together like this, traders see a tape that is supported instead of stretched.
It has been 31 trading days since the last all-time high, but that pause did not change the trend or weaken the tape. The market simply reset, worked through supply, and then bulls stepped back in to drive price back to new highs.
The message is straightforward. There is nothing more bullish than all-time highs.
So, how many new highs does it take before you stop fighting the trend?
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