Whether you see the indexes trading flat on Monday afternoon as good or bad depends on your outlook.
These 'bearish bets' are showing both technical and quantitative deterioration.
We'll need patience to see how this plays out, but so far new lows are growing despite the indexes hitting highs and breadth has had a streak of red.
We saw a quick spike down as the headlines hit, but so far selling is mild as the market still seems optimistic of future progress.
The indexes made a strong momentum move, and now they are digesting and preparing a platform for another leg higher.
Weakness further causes poor breadth and small caps are suffering, but it's too early to call a top.
As African swine fever sweeps through Asia, pork prices have shot to record highs, and the ripple effect could spell big trouble for China's economy -- even bleeding into next year.
Some will call the action bullish and others will call it bearish, but it was really just mixed.
Sleepy action like we saw on Monday tends to be the setup for drama in the future.
So far, according to my Twitter poll on which way we break out of the S&P 500's trading range, it's nearly half and half; plus, here are some of the indicator changes I've spotted.