Peaceful seagulls will either peck at each other or take flight when they sense danger lurking. Their sense of danger however, is relative.

I took this photo after I gingerly walked within 20 feet of where they were sunbathing. Chaos ensued.

Several issues in the market have peaceful bulls sensing danger. To name a few:

Today, like seagulls, the market flew up to make new highs, while several instruments fought for crowded air space. Will the market fight to stay strong, or fly even higher?

Chaos is a word we have not used to describe market conditions since the stunning sell-off followed by the stunning reversal right after the Presidential election.

Interesting that the Modern Family remains mixed.

Biotechnology went into an unconfirmed bullish phase. Not only does that need to confirm, but the slope on the 50-DMA is negative.

Semiconductors, seemingly tired after many flights this year to new highs, is in a warning phase.

Regional Banks, although a sector that should celebrate today’s rate rise, instead closed red.

Transportation (IYT), on the other hand, finds optimism on a potential infrastructure plan, and looks ripe to continue rallying.

Meanwhile, the Russell 2000 (IWM) hovers below 152. Through 153, IWM has a chance of tackling the highs after a reversal pattern sent it down to test the 50-DMA. However, should IWM fail to hold 152, the 50-DMA sits dangerously close (like me to the seagulls), to current price levels.

Seagulls panic easily, but only for a brief period. Within seconds, they fly back to the shoreline to continue sunbathing.