Violent downswings happening into Monday morning's stock market opening. We'll see what happens from here on. Lots of news to fuel the fire. Staying cautious until this sort itself out.

The major indices - $SPX, $NDX, $DJX, and $RUT - are all at new all-time intraday and closing highs now. Clearly, this market has momentum.

We have to remember that markets look the best at their high and the worst at their low. The market is overbought, but overbought doesn't mean "sell".

 Both 200-day and 50-day moving averages are rising. Uptrend continues for now.

At issue now is whether we are witnessing another mild, one-off dip or, instead, the beginning of a larger market correction.