Beware new highs in S&P500

Further gains for the S&P500 leading up to year end should be treated with caution as market breadth remains weak, says Ari Wald at Oppenheimer. Despite only 30% of NYSE stocks being above their 200-day moving average, large-cap strength should provide enough impetus to push the index higher. As such, a move above 2134 could go unconfirmed and represent a sell signal.