Portfolios are stocked with equities (pardon the pun) to near record levels. The AAII survey of its members show that stock allocation is only 1% short of its record level of 68%.
The government has issued its Flow of Funds report stating that the average American has 65% of their funds in stocks.
The ISOS marker has slipped to neutral, meaning that it isn't detecting inflows into the market beyond the short-term fluctuations based on fickle investor sentiment.
These are very large danger signals, especially with the Federal Reserve tapering QE.
Disclosure: I am short SPXL.