Fading leadership is the overarching theme

Situational awareness (SA)

SA is a aviation term. All pilots are extensively trained in SA on ongoing basis. SA helps pilot to be in control of their situation all the time. 

For a pilot, situation awareness means having a mental picture of the location, flight conditions and intentions your aircraft within an area in relation to each other and to other factors that could be about to affect its safety such as proximate terrain, obstructions, airspace reservations and weather systems.

Same way good trading requires SA. We should factor in the environment we are in and continuously try and study the situation. Markets are dynamic and situation changes everyday.

Fading leadership is the overarching theme currently.

The stocks that lead the advance are breaking down or pulling back hard. That should make you cautious on bullish side.

The action in many leaders of rally does not look like garden variety pullback but breakdowns.

Implication is rally might have run out of gas. Unless we see new leadership I will be cautious on bullish side. There are some good short setups showing up currently.