CHARTS_CCI_SYSTEM

[rimshot]

270.54 = SPY 15-week sma above
vs
270.36 = Tuesday hod, so far

chart #1 - SPY weekly with 15,2 BB and 21,2 BB:

* note the RSP price action in the recent 45 minutes
is not confirming the intraday SPY price action, fwiw
( Not weighted vs. Weighted )...

see chart #2 for the observations below

at this moment, 13 of the top 25 most heavily weighted
stocks in the SPX are more than 1% up on the day

the top 25 stocks account for 34% of the daily SPY price action,
while they account for 5% of the RSP price action ...
participation by the majority of the index components is very narrow on today's price advance ..
you be the judge if this condition is durable




chart #2 - daily RSP to SPY ratio:

it is optimal though not necessary for
the durability of future price advances if the RSP leads
the SPY price action, which represents broadening participation
by the majority of the 500 stock components in the S&P 500
index

* in years past, Arthur Hill would routinely blog post
at StockCharts.com that it is bullish for SPY price action when
the RSP to SPY ratio resided above its 120-day sma

times have changed, because that has not been necessary in the
2016 to 2018 period

the ratio did actually help us traders in January 2018 with being cautious
about the prospects for continued SPY price upside durability