While 'everything was awesome' this morning in stock market land (economic data, Fed uncertainty, and domestic terrorism aside), the more troubling reality under the surface of the equity market's gains is a plunge in 52-week highs... a divergence which spelled big trouble the last time it occurred.

As Bloomberg nioted, one technical barrier to further advances in the S&P 500 Index is the lack of market breadth, as fewer U.S. stocks attain new 52-week highs compared with earlier this year.

And worse still, just like in Aug 2015, Chinese money-markets are imploding...

But then again, it's probably nothing.

Charts: Bloomberg