S&P 500 Lofty PEs: Forward P/E 21.1, 5-yr Avg 18.5, 10-yr Avg 16.7

McClellan Summation Index for Staples Near Decade High, Bad for S&P 500

McClellan Summation Index for Staples is now well above +1000, one of its highest readings in a decade. It's not just Staples. Another core defensive sector, Utilities, is also seeing impressive internal momentum. And so is the other one, Health Care. Investors so hyper-focused on defensive stocks is a bad omen for the broader market (courtesy of sentiment trader):