Some time ago I wrote an article featuring the 1% EMA (200EMA) of the S&P 500 Advance-Decline Ratio. My purpose was to point out the negative divergences (red lines) that occurred at major market tops in 2000 and 2007, as well as to show the current developing negative divergence. A sharp-eyed reader asked about the positive divergence (blue lines) that occurred between 2000 and 2002.