I go through a list of about 100 charts every day, a habit I learned from Pit Bull. It's simply a quick way to gain perspective on the current state of the markets and scan for opportunities. Right now, the following three charts stand out in my mind and give me pause regarding the current bull run.
1) If the S&P 500 doesn't take out the May 1 highs soon it is clearly at risk of forming a head and shoulders top, perhaps the clearest and most widely known technical pattern:
2) The most likely culprit behind continued weakness, it would appear, would be the financials which have been lagging for months and are firmly entrenched in a downward channel:
3) In contrast, the tech-heavy Nasdaq made a new multi-year high yesterday but is now in danger of forming a broadening top: