Just a handful of stocks are supporting the bull market these days: mainly GOOG, FB, AMZN and MSFT.  This is shown graphically in the S&P 500 map published by Finviz.com (see inset), and it is good reason for concern.  Leadership has narrowed so drastically that the rallies are no longer “driven” by buying as much as they are pulled higher by a seller-less vacuum. The dynamic is akin to aerodynamic lift, but in this case a relatively small ‘wing’ of institutionally manipulated stocks has come to support the flight of a gigantic ‘aircraft’ consisting of hundreds of stocks — actually, thousands of stocks, since, on many days, including yesterday, shares everywhere follow the lead of the biggest-cap U.S. stocks.

Despite the parlous narrowing of market leadership, Rick’s Picks has slightly higher targets outstanding for the major indexes. It is the E-Mini S&P futures contract, however, that we are relying on for a precise forecast of a top. Subscribers have been encouraged to get short there, but only if they’ve racked up gains on the rally to it. For a free trial subscription that will allow you to access the target and a list of all current recommendations, as well as a 24/7 chat room that draws veteran traders from around the world, click here.