In reaction to a question as to whether the stock market has ever declined in the face of an advancing I1 I dedicate this post.
I1 has only been able to confine the market to sideways movement during this down cycle. I'm not heavily shorting the stock market until early March or critical support breaks with I1 going down. QE has distorted the stock market and put it on life support. The inability of the stock market to break critical support since the July low (except for once in November) indicates that the green light has been given to risk.
To answer the initial question, I1 has never declined or even gone sideways when it's peak value was +5 or higher. The March peak value is above +8. The Fed has kept the market from relapsing these past 6 months when I1 was in a general declining period with a trough just below 0. These conditions indicate that the market will advance from 1/6 through Early March. I'll be buying a small position tomorrow.