The S&P 500 closed at an all-time high for the ninth time this month, while the tech-heavy Nasdaq hit its 13th record July close.

But one stock-market indicator suggests the indices could be in store for another substantial decline in price in the not-too-distant future. It just reached a level seen only once before in history, and it has a flawless track record of predicting significant downside in stock prices.

Wall Street’s weeklong, record-breaking run ran out of momentum. The S&P 500 slipped 0.3% Tuesday for its first drop after setting an all-time high in six straight days.

Under normal circumstances, a pair of dissents in favor of a rate cut would be taken as a sign the Fed is taking a dovish turn, Tom Essaye, editor of Sevens Report Research, wrote in a Tuesday note. It would be signal that policymakers are moving in favor of easing, making a reduction at the next meeting a more likely event.

Trump’s tariffs and trade deals continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Warren Buffett is widely considered one of the greatest investors of all time. The secret to his success isn't trying to time the market. "We try to price, rather than time, purchases," Buffett wrote in 1994 letter to Berkshire Hathaway shareholders.

Investor sentiment is back in euphoric territory with stocks and speculative names surging, but stretched positioning has some strategists on edge.

The yield on the 10-year hit a 52-week high of 4.896% on January 13, a week before Trump's second inauguration, and traded as low as 3.860% on April 4 before spiking to 4.607% on May 21, then settling at 4.431% on July 18.

The moves come after the S&P 500 and the Nasdaq Composite hit new all-time and closing highs during Monday’s trading session.