Little action from the major indexes tends to make everyone a little edgy.
A test of the 20-day averages for the S&P 500 and Naz will put them on par with the Dow’s pullback this week. And it’s still likely to happen.
Of concern for Bulls is the Transportation Index ($TRAN), which experienced heavy selling yesterday. With its 20-day trending below its 50-day average it’s still bearish, and will need to adjust before we feel confident in the market’s ability to trend higher for the longer term (like this year.)