The same divergences of one week ago are still there, and now with another divergent high.
At Friday night's high the SPX traded higher while the market breadth traded lower! Very rare and was also evident in the Russell 2000 taking a dive at the same time.
(Sentiment Trader on Twitter tells us that the 24th of March 2000 was another example.)
Despite the bearish breadth on Friday the cumulative NYAD still says that higher highs should be expected.
The Bullish Percent indicator is also in decent shape.
NAAIM sentiment is still sitting around 100. This level of bullish sentiment is losing its' 'wow' factor... which is perhaps an indication in itself, but only hindsight will tell.
The Equity Put/Call ratio really is going the wrong way if the market is looking for a top.
The VIX is contradicting the CPCE though and hit 11 on Friday night. This is a reasonably rare level for a VIX low.
That VIX level is worth zooming out on, so I did.
It probably makes a better direct VIX trade than using it as a proxy for an SPX high. There is a definite correlation there though, even if it's not 100%.
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