Noticing with one of my sediment indicators (NYA200r) which measures the percentage of S&P 500 stocks above their 200day moving average...it has been diverging for 6 months now.
I'm not sure what this indicates for the future.... this divergence is obviously bearish.. if the NYA200r down trend continues the S&P500 index rises will be reliant on decreasing number of stocks, that situation is not sustainable in the longer term.
There is of course always that scenario the NYA200r will do a trend reversal.