Since Easter, European markets have stalled, and are effectively flat. US and some Emerging Markets are moving much higher. I continue to believe that this is not going to last.
From wave analysis:
Emerging Markets moved to new highs (as forecasted all the way back in February 2010) in what appears to be a finished impulse:
The quality of this rally [specifically in Europe] remains very poor. Since the March’09 lows, there has been no price thrust that remained out of reach of a subsequent correction lower. However, the latest rally (from February’10 lows) appears to be impulsive. While this strongly points to a coming multi-week correction, it also suggests an absence of imminent collapse. I believe the most likely scenario will be one of extended range trading, as what I expect to be the final zig-zag forms.
From other indicators:
Sentiment is in record bullish territory: according to CBOE never before have so many calls been bought relative to puts. At the same time, ISE Equities only index’s moving average measure is moving in on levels last seen in July and October 2007.
Relative to historic norms, the market is under pricing near-term (1 month) volatility relative to medium-term (3 month) volatility, as shown by the blue line in the chart below (ratio of VIX to VXV). 
It is often said (past couple of months) that the market’s internals are very strong, as shown by the ever rising cumulative advancing-declining issues count, shown below. It also true that major tops during the XX century have all been accompanied by deterioration in breadth. This does not rule out a decline of about 10-15% now, followed by an advance, by most US averages to new highs, this time not accompanied by a rally to new highs by the AD line. This is how the top formed in 2007.
Finally, the McClellan oscillator has shown negative divergences prior to all market tops. It is doing so now: 
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