Nearly a third of the index's constituents have hit a one-month low in the past month.
Investors have little incentive to short the market as stocks push to new highs.
Some stock market volumes suggest everybody is at the beach already.
Tactical specialist Scott Rubner said liquidity has fallen by 66% since the start of the month.
New hedge fund long positions outpaced short sales last week after three weeks of selling.
Sectors across the US and Europe that are more exposed to inflation risk have seen their equities under pressure.
A whopping 150%, was earned betting against stock market volatility.
When the index goes a year without a high, history suggests a rally is around the corner.
Even companies beating estimates have lagged the S&P 500 by 0.6%.
This week's surprise spike could cause some market forces behind this year's rally to switch direction.
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