I just put together the chart above on stockcharts.com (click the chart for a better view). It shows each time over the past decade the MACD on the S&P 500 weekly chart has reached the current level. Now running back up to its 2000 (mania) highs the Index is looking a little overbought.
At the same time, the Advance-Decline Line (AD) that I track has failed to confirm the Index’s recent push to new highs.
The MAC D(AD) will make you… What? What?