While the market continues its bullish advance (why not with $120b in QE), the divergences between price and other internal indicators continue to widen. Another trip to the 50-dma would be a near 3% crash, and a decline in the 200-dma (which hasn’t happened for one of the longest spans in 40-years) would be a 10% disaster.
The market grinds higher and hits an air pocket around the 15th of each month. It then quickly recovers and grinds higher again. The dips and surges all occur between the 14th and 19th of each month, corresponding with options expiration dates.  Liquidity is poor, as witnessed by light trading volumes, so heavier than usual options-related trade activity is driving price action on those days.
The market is increasingly being driven higher by fewer stocks, which means the market is almost completely out if juice. The Labor Day weekend could be its final push....

Stocks rose on Friday heading for a winning week as Federal Reserve Chairman Jerome Powell prepared the markets for the central bank to pull back on some of its monetary stimulus, saying it’s likely to start tapering its $120 billion in monthly bond purchases this year.
The Dow Jones Industrial Average gained 0.6%, to 35,455.80. The S&P 500 rose 0.8% to hit a new high and closed at 4,509.37. The Nasdaq Composite added 1.2%, also hitting a new record during the session, closing at 15,129.50.
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