This is what a strong market is supposed to look like.
Charts remain in mixed trends.
This action looks like some healthy digestion, and it is a particularly good setup going into Thanksgiving week, which has historically been positive.
We don't know where Michael Bloomberg is going to come out in his campaign spending, but we know that he needs to reach young people -- and Instagram could be a beneficiary.
Potential triggers in both the daily and weekly charts warrant attention.
Strong markets tend to stay sticky to the upside, and the mild pressure on the indices isn't preventing some good stock picking.
Most market participants are obsessed with the level of the S&P 500, but look under the surface: The "safe-haven" trade has started to be unwound.
The past two crossovers have produced strong moves to the upside.
This high level of bullishness makes it make more likely that the downside action will be sudden and sharp if and when it does occur.
The biggest consequence of the focus on China trade is that it is preventing corrective action from developing.