As the S&P 500 flirts within 1% of fresh all-time highs, investor sentiment remains ebullient:

Click to enlarge

Bull_-_Bear

Meanwhile, the market leading small caps have begun to noticeably underperform large caps:

Rut_vs._SPX

And the longer term chart of the Russell 2000 (IWM) offers a picture of a market near a potentially decisive turning point as it threatens to test its rising 50-day moving average yet again:

RUT_Daily_3.26.2014

Moreover, the recent consolidation in the S&P 500 index has taken place at a time when many of the momentum favorite names (much adored by retail investors) have been rolling over; one of the key hallmarks of a market experiencing 'distribution' - transition of share ownership from strong hands (institutional) to weak hands (retail):

FB

PCLN

TSLA_

While there is a long time market adage that says "they don't ring a bell at the top", this morning's King Digital (KING) IPO on the New York Stock Exchange may be the next closest thing to a ringing bell. A $7 billion valuation for a company that is essentially a one trick pony was met with aggressive selling right out of the gate.

This is yet another example of corporate insiders unloading pricey shares into a market that has exhibited a seemingly insatiable appetite for equity risk. Something tells me that equity investors are starting to become bloated and may be on the verge of regurgitating some of the shares they have recently wolfed down.....