MarketWatch: Almost 9% of the S&P 500 saw a 52-week low on Wednesday, sending an “ominous signal” as it’s tough for bull markets to persist when stocks are falling in that way, according to Jonathan Krinsky, BTIG's chief market technician. “Since 1990 there have only been four distinct periods” when the S&P 500 had more 52-week lows than highs and the percentage of 52-week lows exceeded 8% while the index was within 3% of a 52-week high, Krinsky said in a note emailed Thursday. Those dates were December 1999, November 2007, July 2015 and November 2021, he said, noting that “most market participants will recall those dates as essentially marking peaks before significant drawdowns.” “While we don't know if this period will follow suit, we do think the market is entirely too complacent about downside risk,” Krinsky said. The S&P 500, which finished Wednesday nearly at its record peak, fell on Thursday.