$S&P 500(.SPX)$ has made a new high, keeping the Santa Rally thesis alive with upside potential toward 6,950–7,000. $NASDAQ 100(NDX)$ and $Dow Jones(.DJI)$ have yet to confirm, however, leaving a bearish divergence on watch.Failure to see confirmation during this bullish seasonal window would be a bearish signal, suggesting peaks may already be in for NDX and DJI. $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2603(NQ