Markets are in yo-yo mode. This kind of action is not uncommon when a strong trend line is threatened. This is why the trend is your friend, especially one as strong as this one has been. That is 3 times in the last few weeks when Dow 12K and SPY 1300 approach. Doesn’t mean that the trend breaks and that prices go south from here, they may just churn until later in the spring when the “sell in May and go away” logic kicks in.
Re-reading this post, the case I didn’t address is that of market lift-off. Attribute that to the perma-bear mindset that has crept into my consciousness over the last several months.