NEW YORK (TheStreet) -- The stock market on Friday closed the week on a high note. After a jobs report that was less than expected, the DJIA closed at the highs of the day, up 67.78 points to finish at 17137.36 while the S&P 500 closed up 10.06 at 2007.71. The Nasdaq was higher by 20.61 at 4582.90 and the Russell 2000 finished at 1170.13, up 2.92.
The S&P 500 Trust Series ETF (SPY) has now closed up for five consecutive weeks. That has not happened since November 2013. The same holds true for the Dow Jones Industrial Average ETF (DIA) and the PowerShares QQQTrust Series 1 (QQQ) . During that time, the SPY was up 4%, the DIA up 3.6% and the QQQ up 5.3%. Even though the IShares Russell 2000 Index Fund ETF (IWM) was down for the week, it is still up 3.6% during that same five-week period.
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In other words, this bubblicious market keeps on getting bigger and bigger.
According to my internal algorithm indicators, there is a massive negative daily and weekly divergence going on under the surface of the S&P 500 index. Very simply, there are no soldiers behind this move to all-time closing highs. The cavalry has long left the party.
I cannot tell you when the avalanche to the downside is coming, but I can tell you that traders should prepare themselves. It will happen sooner rather than later.