More institutional selling
While retail investors and traders plow into risk assets, there has been a sharp ramp higher in the # of institutional sellers. The # of institutional sellers in QQQ (NASDAQ ETF) jumped more than 30% in the past 4 months:
When this happened in the past, traders needed to be vigilant for the next few weeks and months. There was always an opportunity for sellers to buy back their stocks at a lower price:
September 2012: this occurred at the start of a -11.9% correction
June 2014: the NASDAQ rallied another +6.9% before it fell -8.4%
July 2015: the NASDAQ fell -13.9% correction immediately
June 2016: this occurred at the start of a -7.5% decline