I have been following this junk bond V S&P 500 correlation on my blog here (junk bonds are the candles and SPX is the brown line). I have been expecting this divergence to close at some point but the correlation between the two is still in tact. If the MACD was to cross down again on this chart, it should be a good indication that the market is going to come off from the high. Lets see what happens. Maybe we get a dip around May and then a hard rally into my target for the big correction by mid September. Maybe it turns out to be completely different to what I expect. We understand that the central banks are fully in control of price discovery but the indicators should still work regardless. Lets see what happens.
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