As SPX moves nearer its all-time-high, take a look at it from the point of view of new 52-week highs
PERCENT OF STOCKS MAKING 52-WEEK NEW HIGHS (HLP, EOD)
Last night 4.4% of the SPX stocks made new highs, and 3% of the NDX (QQQ) hit highs
Paraphrasing dear Rosie, 7/18: Hallmark of a topping market. When the SPX pierced 2,800 in January, the percent of new highs had already exceeded 20%. In this latest go-around, that share is barely 5% = bad.