Today, the Dow Jones Industrial Average hit a high of 24,534.04.

Not quite at my terror point, but close.

The last time I used the analogy from the Twilight Zone episode when William Shatner sees a gremlin on the wing of the airplane he’s flying in, was when the Dow tried for 18,000.

In 2015, from April through June, the Dow tried to clear 18,000.

Each time it did so on a weekly basis, it failed to close those months out above 18k.

As a result, by August, everyone on the plane saw gremlins which forced a crash landing in the Dow down to 15,370.

Then, it took nearly one year more for the Dow to try 18,000 again.

On July 2016, with no more gremlins in sight, the Dow began the huge leg up to today’s peak high.

Why would I think today could have been the peak high?

First off, over the weekend I covered IBB, the Biotechnology ETF.

Today would have been an excellent opportunity to prove that the lagging sector gained new fans.

As a very wise pilot once said, “I’d rather be on the ground wishing I were in the air, then in the air wishing I were on the ground.”

Speculators, at least in IBB, decided not to fly.

Are your seatbelts fastened?

IBB never cleared 107.50, the 50-DMA and instead, lost ground closing near the critical support at the 200-DMA.

Sister Semiconductors (SMH), the leader of the market all year, saw a gremlin today. Now in an unconfirmed warning phase, SMH is one sell-off away from breaking year-long support at 96.50.

Regional Banks (KRE), had yet another potential reversal pattern after it made new all-time high. Double the average volume on a sell day demonstrates how nervous newer longs are.

Our granddaddy or Russell 2000 (IWM), which also made a new all-time high, sold off on good volume.

SMH KRE and IWM will need second day confirmations for the warning phase and reversal patterns. Waiting a second day ensures you do not sell prematurely, as this market has a couple of bright spots that still matter.