52-week new highs:
Stocks that are breaking to new yearly highs, which is another key breadth indicator followed by market technicians, when the numbers starts to diverge failing to make new highs, while the price index continues to grind higher, this usually indicates the lack of internal strength and concerning.
Stocks above long term average:
Swings from excessive and sentiment have been a good contrarian market indicator for the past years. Every time the indexes of stocks above or below 200-days Average reached an extreme of 90-100 percent a correction in SP500 was close.
Instances where the index started falling, diverging away from the SP500 index (indicating internal strength is weakening) were signals, as at least a hefty correction followed. The chart below Illustrates these divergences, where periods of prolonged divergence followed by a more sever downside move, while minor divergences followed less severe corrections.
Note that: major tops take several months and possibly few years to complete
Skype: Technician - The forex channel