A well-earned rest or start of an overdue payback phase? Unclear, but the spillback in the indexes today is so far well-contained and fairly benign for now. Have noted for a few days the tape is stretched and trader sentiment overheated, needed a break to cool off before long (extreme levels of options speculation, widespread overbought conditions, etc).
Reversal of the recent rotational dynamics: Heavy profit-taking in small-cap/value/cyclicals and a comeback bid in growth/Nasdaq 100 old leaders. Bond yields also slipping, credit spreads giving back some of their recent tightening action.