From Richard Russell in Dow Theory Letters:

The recent market action has been characterized by many days of divergence when the Industrials rise and the Transports fall or vice-versa. Robert Rhea wrote that two or more successive days of divergence usually suggests distribution. And speaking of distribution, the action of the last 30 days has been characterized by many "distribution days" when the market declined on rising volume (that is rising volume over the volume of the preceding day).

The latest count of distribution days over the past two weeks is ominous and highly unusual. There were 6 distribution days for the Nasdaq and the S&P 500 and the NYSE Composite. There were 5 for the D-J Industrial Average. That's far too many distribution days for a healthy market.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

The great Richard Russell: Put the Fed out of its misery

Richard Russell: After the rally could come a vicious collapse

Richard Russell: Gold should move higher no matter what happens