“This pattern of new highs in stocks coupled with new lows in bonds has happened during 48 sessions in the past year. The chart above shows such divergences in blocks since 1987. As you can see, the only time frame that was anywhere near the current abundance of divergences was 1999-2000. Back then, the total first reached the current level of 48 in July 1999. The S&P 500 dropped more than 13% over the next several months, but the bull market didn’t end for more than a year later. Other such spikes in the divergences came just before the crash of 1987 and before a very rocky phase of the market in 1991.”

http://www.moneyandmarkets.com/serious-red-flag-72487

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