After an eight-day winning streak for the Nasdaq and the Russell 2000 ETF (IWM) , the indices finally took a rest. The pullbacks were minor but breadth was about 2 to 1 negative. It was run of the mill correction action after a good run but there are many bears that are quick to get excited about a normal dip since they are so hungry for some success.
What was most notable about the action today was that the latest headline about progress on China trade didn't last very long at all. The S&P5 00 dipped at the open and then struggled in the afternoon before a late buy program took it off the lows.
If there isn't the potential for a headline on trade fairly soon I'd expect to see the bears press their bets a bit. But it is just too hard of trade right now with the Twitter-in-Chief ready to proclaim victory at any moment.
Although I did a little flipping today to lock in some gains, I continue to like the way individual charts are developing. The weakness is actually a positive from a technical standpoint but there is no rush to act at this point.
I expect to hear some reports tomorrow about progress on trade negotiations and that will keep a bid under the market.
Have a good evening. I'll see you tomorrow.