The indices did little on Monday, but whether that is good or bad depends on your market bias.
If you are a bull the spin is that it is just healthy consolidation that is needed to create conditions for another leg higher. If you are a bear, then it is stalling action that shows the market is losing momentum and ready to roll over.
One interesting statistic is that for the fourteenth straight day the indices traded higher in the final 45 minutes of the regular session. It is tough for the bears to press when there is a pattern of strength that consistent. Until that changes it is going to be tough to be very negative, although it does have a very artificial and manipulative feel to it.
Breath was nicely positive with about 4,300 gainers to 2,900 decliners. This is reflected in the relative strength in the Russell 2000 ETF (IWM) and shows that there is more focus on individual stock-picking than market timing.
Market players are looking to put money to work in stocks that they view as "values" rather than just trying to gain market exposure.
While both bulls and bears can claim a victory Monday it was just routine action for a market that needs a rest while it tries to figure out what it will do next. Trading range action is, by definition, neither bullish nor bearish and that is what we have.
Have a good evening. I'll see you Tuesday.