Former market bull Rich Ross has become “less bullish” on equities, even as stocks remained near all-time highs on Wednesday.

The Evercore ISI technician who had previously called for the S&P 500 ETF, the SPY, to rally up to 247 in the short term, a 1.5 percent jump from Wednesday’s levels, is now calling that level into question thanks to the current action in the safety trades.

“The action in gold, yields and the yen, traditional safe havens, in addition to the ongoing collapse in crude is calling that 247 into question,” he said Wednesday on CNBC’s “Trading Nation.”

In fact, the so-called safety trades have been surging in recent months. Gold has rallied almost 12 percent year to date, hovering near the $1,300 level, while bond yields dropped to their lowest level since the November election. And while the dollar continues to fall, oil has tumbled to well below the key $50 mark, plunging over 4 percent on Wednesday off U.S. oversupply.

According to Ross, investors should be watching to see if SPY breaks back below the 240 level, which had previously been the “upper end” of the trading range. In the worst-case scenario, Ross sees SPY falling to the 100-day moving average trendline at 236.

Ross, however, did also call for the S&P to surge up to 2,700 in the long term back in May.