Now, its not fair to take the breadth of pretty much the entire universe of stocks and compare it to the SP500 which only tracks 500 stocks, a comparison the Russell 2000 is more of a fair comparison. With the Russell 2000 we see the same thing.
Divergences have been in place for a while. Breadth Divergences in 2013 was the most popular topic in the financial blog-sphere. I'm of the opinion that 99% of "bearish" divergences should be ignored in a bull market until they become so blatant that it forces you to take action and or price action confirms the divergence. The way I view this current divergence; go with the Index ETF'S over stocks at this very moment.
Stats via StockBee