A month ago I noted here that the Nasdaq had triggered another cluster of Hindenburg Omens. Over the past couple of weeks it has triggered another cluster but what is even more notable is the streak at the NYSE. Over the past ten days, this exchange has triggered an omen every day. Such a streak has not happened over at least the past 40 years. This brings the total number of omens triggered on both exchanges over the past month to 15, the most since December of 1999, just before the peak of the Dotcom Mania.

Even more notable, it brings the total omens triggered over the past year to 44, by far the most in at least 40 years and roughly double the total seen almost 20 years ago. The only thing to conclude from this is that we are currently seeing a historic divergence in equity market breadth, the sort of dispersion that has typically preceded broader market turbulence.