The market is in a consolidation phase today, which is exactly what is needed after the recent run.
Breadth is poor and there are few pockets of strong action, but the selling is well contained and there doesn't appear to be any rush for the indices.
There is often a tendency to read too much into the first weakness after a strong run. The bears are hopeful the big turn they have been predicted is about to finally occur, and the bulls are loathe to give back any of their gains. Often this sort of action is exactly what more experienced traders are looking for to accumulate some of their favorite names.
I can't recall ever hearing more arguments about how the market action is unjustified from a fundamental standpoint. The heart of the argument is the Federal Reserve couldn't possibly be this dovish if the economy was really as strong as the stock market indicates. Earnings for the quarter are not anticipated to be very strong, yet the market seems unconcerned at this point.
The bearish arguments almost always sound very intelligent, compelling and logical, but the issue is timing. If the timing is bad, it is as good as being wrong. These negative arguments will likely matter at some point, but we can't predict when, and that is why we can't give them much weight. Even if you are sure they are correct, our job is to effectively time the market, and we can't do that without focusing on price action.
The action today isn't very interesting, but it is exactly what is needed at this point. It is possible that it could deteriorate further, but there is no clue that it is likely.
The best move here is to stay patient, manage positions, and wait for the market to decide what it is going to do next.