There was finally an uptick in securities reaching new 52-week lows this week. Don't get excited; but it had been more than 100 days since we'd seen at least 3% of issues on the NYSE tick at a 52-week low.
Meanwhile, other indicators of where we are on the risk-on/risk-off spectrum have been pointing 'bearish'. For example, the following chart shows that the Russell 2000 Index is under-performing the S&P 500 on a relative basis.
So new highs were met with lower momentum, and indicators show the bulls are lagging … Are you thinking "Sell in May?"