It's time to turn bearish on the S&P 500, at least for a few weeks. The benchmark U.S. equity index just made a fresh record high, but it's unlikely to keep ignoring warning signs coming from elsewhere in markets.

After having been staunchly bullish global stocks this year, I turned bearish on Asia equities on Monday last week. That negative sentiment will now spread across the Pacific. Asia, and notably China, has led the 2019 global stocks rally, and similarly has the capacity to lead a correction.

There's not one single looming catalyst that will send equities reeling. The problem is that almost every factor is starting to look like a marginal negative. The positives from Fed dovishness, a solid earnings season and hopes of a trade deal are all generously priced in. Where's the good news going to come from going forward?