Just saw that ISEE closed at 168. This is too high, and increases the risk of rejection from SPX YS1 1896 in the near future.

When everyone was expecting a Santa rally, the highest values were 187 on 12/15/2015 and 144 on 12/24/2015. Several major tops were near readings of 140+ last year. To add context, 168 is the 2nd highest reading of the past 12 months, and 3rd highest in past 18 months.

168 means everyone is expecting more on the bounce. When everyone expects the same thing, it rarely happens.

http://www.ise.com/market-data/isee-index/