Modest weakness in Bullish Percents

There is a sense things are getting a little toppy in the Bullish Percents. The S&P Bullish Percents have moved to a 'Sell' trigger at a resistance level marked by December highs. Unlike December, the S&P is above its 50-day MA, so it may simply be a blip on the road to higher levels. But it is a warning sign:


Bullish Percents for the Dow and Nasdaq were flat and haven't yet marked future weakness.