We often see an "expiration hangover" the trading day after expiration, where the market has a large down day. This is especially true when the weeks heading into expiration have been strong. In recent months we have seen another phenomenon known as "Mutual Fund Monday", where money flows into the market over the weekend and Monday is very strong. Both of these opposing forces will be at work today.
I believe this market is headed for a correction.We are seeing levels of bullishness that has not been seen in years and has led to corrections in the past. In addition, the market is now overbought. I don't know if this is a bull market, bear market, cat or dog. What I do believe is that this market is headed lower in the near term.