S&P 500 Exhibiting Major "Composite Participation" Divergence

S&P E-mini Futures is building out a broadening pattern at primary trend highs just as it did in 2007, 2010, and 2011. Under the hood, however, individual stock participation is deteriorating as the percentage of S&P component stocks above their respective 20, 50, 100, and 200-Day SMAs (consolidated in the "Composite Participation" metric in the lower panel) diverges, making lower highs as he index makes a new nominal higher high.