The melt up in the S&P500 -0.17% is beginning to show signs of massive over extension, with a 4-5% pullback highly probable in the coming weeks. The divergence between price and itsrelative strength is comparable to nearly 1 year ago. That time it was Brexit that triggered the sell-of, but the trigger is not important (or rather it is secondary); what matters is that the market is in a state exposed to any type of sell-off, because the divergence highlights something major - that prices have 'melted up' at an ever decreasing momentum. It doesn't take many sellers (or a distinct lack of buyers) to tip prices the other way..