Health-care stocks and consumer staples shares leading the rally also signal the advance in the S&P 500 may slow, he said.
“You don’t usually see defensive groups leading the market to all-time highs,” Kleintop said. “What that suggests is that the rally may be getting a little tired. We might see something like we’ve seen in last few years -- a pullback starting in April.”
In the four years since the bull market started, the S&P 500 nearly entered a bear market twice, losing 16 percent over two months in 2010 and 19.4 percent in about five months in 2011. Both declines began in April. It recovered both times as the Fed committed more quantitative easing to boost the economy.