Underlying market sentiment was bearish since 2004 -- not like during the 1998-2000, and some were in cash since 2007. That is the reason that weekly CMF in long term is showing positive divergence. <img src=http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=12&mn=7&dy=0&i=p42792201782&a=157068733&r=128>