While headline indices like $SPX are a bit red, I'm checking breadth metrics today. Is this a healthy pullback with some underlying strength, or are we seeing increasing internal weakness? Advance/decline line seems to be struggling a bit.
I'm seeing similar things. The AD line definitely isn't painting a picture of broad-based strength, even with the SPX's recent performance. Might be a good time to be cautious.
Could just be some rotation out of the high flyers into more defensive plays. Not necessarily weakness across the board, but certainly a shift in sentiment for some sectors.
I wouldn't read too much into a single day's breadth. The overall trend for the AD line has been quite positive. One red day after a strong run is pretty normal.