Always consider hidden risks
SP500 :  McClellan Indicator Flashing RED
Oct 8 ​( From Stockcharts, Investopedia   )
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The Situation

​Since the beginning of the financial crisis, the Federal Reserve has been obliged to inject tons of liquidity into the system.

​​Financial assets like the SP500 had a very good performance indeed. Even the main technical indicators like the McClellan Oscillator are flashing RED as you may see in the chart below...
Yesterday's print was -36.55 and went over 40 before, well into the range of signaling a market top
Definition of 'McClellan Oscillator'

A market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. It is primarily used for short and intermediate term trading.

Usually, a small number of stocks making large gains characterizes a weakening bull market. This gives the perception that the overall market is healthy, but in reality it isn't, as rising prices are being driven by a small number of stocks. Conversely, when a bear market is still declining, but a smaller amount of stocks are declining, an end to the bear market may be near.
SP500 : McClellan Indicator Flashing RED     $SPY, $SPX, $ES_F, $SSO