From the link:
If the general market keeps rising while long-term breadth keeps falling, more often than not, the market is running on empty.
This bull market has been trending so relentlessly up that it has been defying that notion and may again but today it did not.
The all-important long-term breadth signal I use has been falling for seven days and the Dow and S&P have continued to advance, getting to a point yesterday when it looked like once again this bull market would defy even its own narrowing internals. Heard a lot of “bullish forever” talk yesterday. Today’s pull-back is not that much but, given that any drop lately has been surprising, one must once again say this may be the one that drops the market of the sky like a clay pigeon.
For further discussion, a chart, and a look at FB, BABA, and TSLA: