Keep An Eye On VALUG
In my view, the Value Line Geometric Index is a must watch at current market levels. Unlike the S&P 500, the VALUG index has failed to set new all time highs following the Presidential election. The index has fully retraced its crash in 2009, and right now is pushing up against strong resistance.
If this index fails to make new all time highs, and going one further, if this index begins to break down, I'd expect U.S. markets to begin to deteriorate.