The state of the stock market.

From a technical standpoint, the market was extremely over-bought (and continues to be), so a pullback like this is very normal. There are plenty of non-normal things about the market right now, but a rapid pullback after a rapid rise is not one of them. If the pullback keeps going it could turn into another story, but it’s not there yet.

Until SP-500 breaks support at 3280, the SP chart will not be bearish.  If we break support, then a more severe downside move will most likely to follow.

If we don't hold today's low then "all bets are off", but if we do, possible blow-off top is next, stay alert.

"Theory of Reflexivity states that investors don't base decisions on reality, but rather on their perception of reality. The actions that result from these perceptions have an impact on reality which then affects investors' perceptions and thus prices."

Nasdaq exploring new high ground.

Nasdaq rallies into new high ground, but fewer and fewer stocks are supporting the rally. The % of Nasdaq stocks above their own 50-dma has been diverging as it did before market pullbacks in February 2019 and March 2020. "This suggests you should sell into a melt up"

The path of least resistance is to the upside.

In summary, there are no confirmed sell signals, as you can see the chart is strongly in an uptrend, but in the context, you need to stay alert to execute bearish signals, take positions if and when confirmed sell signals appear. Until then, stay bullish and enjoy the ride.