A number of things suggest the stock market is running out of steam, Jurrien Timmer of Fidelity Investments says.
On CNBC's "Fast Money," Timmer alluded to the Elliott wave principle in analyzing investor sentiment.
"We have a five-wave structure up off the November lows. We have divergences against this fifth wave. We have momentum sell signals," he said. "We have fairly one-sided sentiment on the bullish side. And if you look at the market since the beginning of the year, one by one, various key bellwethers have been rolling over, sort of like riders being dropped out of a peloton if you're a cyclist — copper, the Shanghai Composite, Eurozone banks and, just last week, small caps."