Here is a 25 year price chart of SP500 with the NYSE composite in purple as a comparison. At each peak there is a significant percentage divergence in prices between the two. Additionally after a subsequent decline in prices the two indices converge in price showing a collapse of the divergence. In the current cycle the SP500 is ahead of the NYSE by approx 24%. SPY and VT are good proxies for SP500 and NYSE composite respectively. Short SPY and long VT in equal dollar values. This might take a couple of years to play out so patience and caution (small position) are warranted.