The multi month rise in the S&P has been accompanied by lower volume each month. Were you aware of that? It's 5 months and counting, but is this unusual?

According to data we've received, it's never occurred....ever. The largest divergence prior to this advance was apparently 2 months. That's a shocking statistic to me. But does it matter? It should...and it should matter a lot at some point. 

The S&P is trading about 20% above it's 200 day moving average. That's highly unusual in of itself. The long term charts look highly bullish, suggesting even the possibility of a multi year move higher (2 years would qualify).  But with this extreme, never before seen volume divergence, something sharp and nasty to the downside could occur at almost any moment.

But keep in mind that even a 20% collapse right here would still leave the market at the 200 day ma, not a bad place to be.

So be aware tonight. The ice beneath the market may be thinner than it appears.