Market players are trying to reconcile the action in the indices with the headline news but aren't having much success so far.
The senior indices are close to flat but small-caps ( (IWM) ETF) are seeing a little relative strength. Breadth is running 3,750 to 3,150 positive and there are around 80 stocks hitting new 12-month highs.
What is most notable today is that the Covid-19 plays are leading again. These are names like Slack (WORK) , Chewy (CHWY) , and Zoom Video (ZM) that benefit from staying home, which makes sense after the rioting over the weekend.
The message here is that market participants are much more interested in finding some trading action than they are at trying to time a market top.
Traders are ignoring news flow and are focused on speculative action. Whether that is "healthy" is a different issue but at the moment the way to make money is to focus on the hot pockets of action.