Near miss
Technical warning signs like the Hindenburg Omen and Titanic Syndrome, despite the dopey names, are relatively effective at highlighting internal strife in the market and have proved to be good guides over the years. Both just narrowly missed triggering on Friday. They're more effective as a warning when we see a cluster of readings over a period of weeks, but even single readings are worth noting. While neither triggered, 52-week lows exceeded 52-week highs on the NYSE for the first time in months on Friday, and it occurred within two weeks of the S&P 500 being at a new high. Other times this not-quite-Titanic signal occurred, stocks held up fine in 2013 and 1996. The others mostly saw some kind of tumult within the year.

