The S&P 500 index reached zeniths several times in the past three years while the RSI oscillator has experienced a decreasing trend. This is classical bearish divergence and could indicate an impending correction. Besides this technical, sentiment is generally bearish, as unemployment remains high, global trade talks stagnant, and monetary policy (or stimulus legislation) non-existent.
SPY
SPX
DXY
.
SPY
SPX
DXY
.