Over the past month the S&P 500 has traded sideways near record levels, but the share of constituents that have hit 52-week highs rose from about 35% to 46.1% since March 30. 46.1% refers to the cumulative proportion that reached 52-week highs at any time since late March, not simultaneous highs. The data indicate internal breadth is widening even as the headline index appears stalled; gains are not confined to a few mega-cap tech names, with flows broadening across more sectors and stocks.