It has certainly been a nice time to be long stocks in the last couple couple of weeks, with S&P making all time highs last week. However, it should be noted that these new highs in the index are not accompanied by new highs in MACD, as should be the case for any healthy rally. Following is a weekly S&P chart along with MACD indicator.
The last two highs in S&P have been accompanied by lower highs in MACD. Make no mistake, the above chart still looks very healthy and bullish, but this negative divergence does suggest a pullback might be on the cards in the near future.
I will be back with a watchlist later in the day.
Take care and good luck!
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