This is a quick follow up to my earlier post on divergences. Note that the new bull highs in the S&P 500 Index (ES futures) today were not confirmed by the NASDAQ or Russell 2000 Indexes. We also did not see new bull highs in the XLB, XLI, XLV, XLF, and XLK sector ETFs. I also show us as having made a little over 1400 20-day highs across the NYSE, NASDAQ, and ASE--well down from the levels of mid-September. I continue to see this as part of a topping process in stocks.