The indicator shows when S&P goes overbought while breadth does not confirm the rally. The standard conditions are: - S&P goes over 200 day weighted moving average increased by 10% and - % of US stocks over 50 DMA holds under 60. When both conditions are met the indicator plots a red triangle on top of the price.
You can change two inputs to see how often in the past similar cases happened. If you have any questions please send me email to castawaytrader@gmail.com