Keep an eye on FX markets. If the yuan drops and dollar rises, commodities and cyclical growth stocks will get hit.
Charts sit on uptrend lines and there's little statistical sign of panic or fear.
As Friday's rally got everyone excited, the number of stocks making new highs contracted to 154.
First-quarter earnings show currency translations were the big story, dragging down results, but there are unanswered questions about the refranchising process and tech.
If we get to giddy and the number of stocks making new highs is still low and breadth has not expanded, then we'll be set up for a correction.
Something is amiss, as macro asset classes are pricing a slower-growth, risk-averse environment ahead.
The 10-year and 2-year Treasury yield curve is on the verge of hitting a four-month high and no one seems to care, nor do they that the dollar is rising. Blame it on complacency.
Crypto could be carrying, rather than crashing semi stocks once again.
With both the Fed and PBC providing cheap capital, the market has a wind at its back.
Wednesday was the first day that Netflix traded on above-average volume since Jan. 24.