High-yield corporate debt has put in an ominous double-top and begun to move lower in aggressive fashion:

Click to enlarge

HYG_9.9.2014

And this afternoon equities broke down from a 2-week topping formation in the S&P 500:

SPX_Hourly

Notice how realized volatility has nearly doubled from the late-August historic lows, meanwhile, volume has accelerated as price has broken below the minor support level at 1990.

Interesting how warning signs are mounting just as Wall Street analysts have turned bullish on equities in record numbers:

Bear

Barrons

Morgan_Stanley

In a time of huge complacency and risk seeking behavior, a healthy dose of caution would be well advised.....