The S&P 500 (SPX) notched a new high Thursday, but with some caveats. Kevin Green notes that while the chart still looks bullish, some warning signs are flashing, including weak market breadth and declining volume. He's keeping an eye on communication services and financials, which are showing signs of stalling, and points to AI and power as two themes that are still going strong. KG also weighs in on the government shutdown, which he says is a day-to-day risk to investor sentiment, and notes that gold is trading more like a risk-on asset than a safe haven. Meanwhile, Applied Materials (AMAT) is under pressure after announcing that new U.S. export rules will limit its ability to sell semiconductor equipment to China.

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