The continued push of the major indices toward all-time highs is occurring despite mediocre market breadth.
Plus, a glance at news about Disney+, Boeing's 737 Max and Alphabet's "Project Nightingale."
The market's overall picture is one of elevated risk.
Although the indices are close to all-time highs, less than half of stocks are over their 200-day simple moving averages.
We may be seeing some weakening of the recent rally strength.
The Fed has done what was necessary and now is on hold for the foreseeable future.
A degree of caution is appropriate at this time.
Many stocks need rest and small-cap earnings season is rocky, but that doesn't mean the indices are going to see significant downside.
Many charts have developed nicely in recent weeks, but now they need to reboot and develop new entry points.
What is really driving this rally is the inability of algorithmic traders to moderate their buying.