@wombat53 thanks for that link, very useful chart. I flip a sp500 weekly chart with the ADL line and you can see although hindsight that the whole of 2015, the index has most likely been pushed up by the major weighted component large stocks. Without knowing the make up of the 500 listed entities, I can at first glabce suspect the FANGS have a big influence with a few other bank stocks etc.
The ADL line was tapering the whole of 2015 while sp500 appeared to have a trend resumption. We are at very key levels, similar to where XAU/USD is currently at. It would be very brave to call the a collapse of sp500 or trend reversal XAU. This is classic top and bottom picking if one is contemplating entering positions. However if one had a full load of exposure in equities, it may be prudent to start mitigate that exposure rather than the blind bull trend resumption.
Now that thanks to you, I can make reference using this link for future observations.
