Traders have been selling first and asking questions later to lock in gains.
Funds ramped up short sales in single stocks and long sales in macro products.
Other analysts are also sounding concern over the technology rally, which came to a halt last month.
Bulls snapped up shares that were suddenly on sale within 24 hours after the Fed's hawkish pivot.
The small-capitalization Russell 2000 Index is heading for its first closing record in three years.
The S&P 500 Index just posted its third straight winning week and is up 5.1% in the third quarter.
Traders are trying to decide how to respond to rate reductions during a time of economic growth.
Like nearly three decades ago, bonds and stocks are rallying ahead of a critical Fed meeting.
The S&P 500 soared, helped by gains in rate-sensitive tech stocks like Nvidia, Apple and Amazon.
The potential for a large swing comes as volatility across markets has been historically restrained.
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