Add me to the list of additional top pickers. However, the jury is still on whether or not this is a failed top call.
The highs since 4/11 are:
1. 1597.35: 4/11
2. 1592.64: 4/25
2. 1597.57: 4/30 (all time monthly close)
3. 1598.60: 5/2
At first glance, it looks like we are making "all-time" highs. However we are still trading within < 5 points of each high. Yes, the bulls are knocking on 1600's door but this is one hell of a hurdle to pass. Not only do the bulls want a new all time high but also a new digit recorded.
There are too many divergences abounding. ECB's rate cut today was expected and it only made 1 point new high. Not enough honestly.
Futures vs. cash
1. ES hit a high on 4/30. Cash hit a high today 5/2. Divergence between futures and cash forming
1. OBV still below its highs. It is now on a triple divergence
2. CCIs tracing out negative divergences on various time horizons
3. Declining volume
4. Standard RSI divergence
5. MACD divergence
6. Backtest of broken wedge