(Bloomberg) -- Global stocks are getting close to triggering a technical “sell” signal after reaching a record this week, warns Bank of America Corp. strategist Michael Hartnett, saying the market is running too hot after surging 20% in just two months.

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He cited data points on fund flows and market breadth as evidence that investors have been rushing into risk assets and positioning is getting stretched. Traders often use that as a bearish signal because it can theoretically indicate that the buying power in the market is likely to soon be exhausted, leaving prices vulnerable to a pullback.

Hartnett cited data that showed inflows to stocks and high-yield bonds were 0.9% of overall assets in the past four weeks. Should that reading increase to more than 1%, it would be a marker for investors to sell, he said.

At the same time, the market is approaching “overbought territory,” he said. About 84% of country indexes are above their 50- and 200-day moving average. His sell trigger is when that metric reaches 88%, he said.

The Bank of America data highlights a nervousness among traders about the rapid pace of recent stock gains. The combination of the Trump administration’s tax-cut package to boost growth, plus a softer stance on tariffs and robust economic data, has fanned optimism.

US equity futures rallied Friday after the monthly jobs report came in stronger than expected.

Other highlights from the report:

--With assistance from Michael Msika.

(Updates with market reaction to the US jobs report in sixth paragraph.)

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