In trading, all that matters is price. And I tend to look use it to identify patterns that can help investors and traders. We can also use market ratios as a gauge of the stock market's health.

We can see that the average stock (equal weight) is underperforming. This divergence has historically been a negative for stocks. Note the lack of a new ratio high in January when SPY was making new highs.

This week, the ratio is attempting to break below its 2016 lows (and in the process making a 6 year low). Keep an eye on this ratio, it could forbode another turn lower.