The stock market’s been looking fairly strong lately, with the Dow Jones Industrial Average DJIA, +0.85% rallying for the sixth session in a row. But with each uptick, and each unsettling headline, there seems to be an increasing call for caution.

TD Ameritrade’s Oliver Renick just joined the chorus.

“What’s disconcerting is that it’s remarkably easy to imagine a series of events that by nature should not necessarily pose great risk, but taken together could cause some major shocks to the S&P 500 due to current investor positioning,” he explained in a post on LinkedIn this week.

He pointed to this SocGen chart, in which he marked up (not with a Sharpie) to show what he considers the most troubling for investors:

“A sharp

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