Something is not right here...
As Sven Henrich ( @NorthmanTrader ) points out, the McClellan Oscillator (which measures advance-decline/breadth) is making lower highs and plunging as the stock market soars on the heels of record retail inflows.
Furthermore, Henrich notes that the McClellan Oscillator's plunge implies a VIX around 16-21... it's at 11.45! This has never happened before.
The McClellan Oscillator offers many types of structures for interpretation, but there are two main ones. First, when the Oscillator is positive, it generally portrays money coming into the market; conversely, when it is negative, it reflects money leaving the market. Second, when the Oscillator reaches extreme readings, it can reflect an overbought or oversold condition.
So who's lying?
Henrich explains some of the key technical disconnects in the markets currently...