Market players often complain about how the action feel artificial or forced. Overbought conditions become even more overbought and streaks continue far longer than we believe. Today we are experiencing the inverse of that artificiality. The slight selling pressure feels like very normal ebb and flow. The market and many stocks are actually taking a rest after a strong move and that seems like a very reasonable thing.
Most of the time the market simply doesn't care about what we might consider "normal." In fact if you traded the market based on notions of what is reasonable and normal, you'd like suffer some major losses. Much of the trading these days is actually designed to exploit what we think the market should do.
I'm taking some satisfaction in watching pullbacks develop as it is exactly what is needed in order for charts to develop better setups. I'm not too worried about acceleration to the downside because there still is the potential for a China trade deal to hold us up. You can market lots of negative arguments about this market but it is still is not a wise move to load on shorts with the potential of a China deal on the horizon.
We have some very healthy and normal selling today. It doesn't happen often and that is why it is bullish.