“.. Market clocking in fresh ATHs despite narrow breadth.” - Goldman desk $SPX pic.twitter.com/UW9re93UxK

B of A: “.. the $SPX achieved a new all-time high last week, but the A-D line, 5-day put/call ratio, the US high yield OAS, the Corporate BAA spread, and new 52-week highs did not confirm this new high on the SPX. These negative divergences are a tactical risk for US equities in… pic.twitter.com/INPH6sVApL

When breaking S&P 500 into deciles (10 groups of 50 stocks each), only decile that’s posted gains QTD is first decline (largest stocks in index); not a perfect distribution, but QTD, smaller stocks = weaker returns; decile containing 50 smallest stocks -10.3% QTD @bespokeinvest pic.twitter.com/TfBM4GjB2b

Small cap stocks are now down on the year while Large caps are still up 12.5%. $SPY $IWM Video: www.youtube.com/watch?v=tU1XJRmOce8&t=34s pic.twitter.com/cHORxPew79