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Tops are very hard to call.

But
...
Historically the combination of market highs with negative breadth within a few days either way has not been a good omen.
Depending on how you check these things, about 1/3 of such times turn out to be market tops.
The other 2/3 tend to be intermediate tops on the way to The Top.



Nasdaq smoothed breadth is definitely looking negative while we're at or within a few days of all time highs.
(for any smoothing out to one month EMA)
So, definitely a bad omen which sometimes heralds a cyclical top.

But that isn't [yet?] true for the broader NYSE, which might matter more.
The Nasdaq isn't going to roll over into a market cycle bear without the broad market doing so as well.
On the NYSE, market highs and breadth is falling, but still positive.
On current trends smoothed breadth won't count as negative for another month. Or sooner or never.

Jim
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