Any credence to the idea that the unweighted SP500 is at all time highs suggesting more strength in the underlying market than the SPX index is showing?

I don't see it as an index in marketsmith but on other sites: $SPEW-X or $SPXEW are used.

The closest thing is an ETF: $RSP

Russell 2000 and DJ Transports are also making highs

not to mention SP400 and SP600; mid and small cap indexes respectively