After last week's strong gain we had a quiet start to the week with indices finishing Monday much where they opened.
The one index which may be blinking a little is the Russell 2000 (via IWM). The index closed yesterday with a bearish black candlestick, but even if this plays as true it will only initiate a breakout retest. There is plenty of room to absorb some weakness without breaking the bullish thesis.
The NASDAQ also closed with a small bearish black candlestick, but it occurred inside the prior day's range. Technicals are positive and the index didn't see an acceleration in its relative loss to its peers.
The S&P closed with a doji (an inside doji to the prior doji), which can be considered neutral in its current position. Technicals haven't weakened except for an acceleration in the relative loss to the Russell 2000.
We can't read too much into Monday's action. All indices have extended themselves beyond their breakout levels but now we have an opportunity to see how they react to selling pressure and if they can successfully defend these newly defined breakouts.