Multiple red flags appearing on the horizon. 1. VIX has taken off while SPX is still pretty much range bound. It means investors are increasingly getting jittery about the elevated equities even though the equities haven't corrected as much. Any small trigger could possibly initiate accelerated fall in this scenario. 2. US 10Y yields (not shown here) are down to 2.29 at the time of writing. That compared to high of around 2.6 3. Noise coming out White House is not very encouraging or comforting. There seems to be no clarity on what the admin's priorities are and whether they can actually deliver on those 4. SPX has had a beautiful run touching the 1.618 fib level from the previous rally. Seems like to good place to start consolidation and it did.
So to conclude, this may not be a raging sell signal yet. But probably a good time to take profits off the table. Risk money can definitely chase short side though.