Sharp rallies combined with new 52-week highs have historically preceded major market corrections, as evidenced by the dot-com bubble pattern in 2000

"Over the course of the past four trading days, ending with Tuesday's close, the broad market index has climbed more than 5% into a 52-week high. This combination has occurred only three other times in the past 30 years...Not statistically significant, but notable that March 21, 2000 was the day before the dead high of the dot-com bubble."

"Burry said he still believes markets may be approaching a significant peak despite the ongoing rally. 'I continue to believe it is possible we are near a major top, and possible a 1987-type fall,' Burry wrote, referring to the crash when the Dow Jones Industrial Average fell 22.6% in a single day."