The market is flashing signs of caution below the surface

The recent runup in stocks could be masking a worrisome development for the market, Wolfe Research said. The technical setup for stocks is exhibiting some troubling signals beneath the surface even after the recent rally suggested a return to risk-on sentiment on Wall Street, according to the firm's managing director Rob Ginsberg. On Tuesday, the S & P 500 had snapped an eight-day win streak .

SPX 5D mountain S & P 500 The technician pointed to the recent defensive tilt in equities as an example, with sector leadership in the S & P 500 helmed by health care, consumer staples, utilities and real estate. In fact, on Wednesday, consumer staples stocks hit an all-time high, boosted by an advance in Target , which was up on an earnings beat . Other worrying signs are emerging, with the 10-year Treasury yield falling back below 3.8%, and U.S.

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