U.S. equity markets - divergencies, weak broad market but...still up.
For perma-bears this is really tough time. In spite of the many divergences and weakening market internals new tops have been printed.
Example of weakening market internals:
source: Simple Digresssions
As you can see, it looks really very bad. Less and less equities participate in the march up.
On the other hand, we have another confirmation in the Dow Theory:
I think we are going again to the first stage of a late bull market - divergences are seen but the bull is still intact.
Finally, the up-dated chart of Microsoft after the quaterly results: