One of the most important, and I think least-discussed, changes in the market recently is the breakdown of the important semiconductor index ($SOX). Take note how it has broken under its supporting trendline (anchored to the bottom a year ago) and has completed a clean reversal top.
A much longer-term view just goes to show how sky-high we are. Keep in mind this is comprised of stocks with triple-digit P/E ratios (if they have earnings at all).
Strip away everything but the exponential moving averages and you get a different view. By these relatively slow-moving indicators, the uptrend is unchanged, but at the same time you can plainly see this beast has gone up very far, and very fast, so the spread between the averages is profound.