Due to sustained buying since beginning of the year, the market breadth has reached extreme territory. In the short run such breadth extremes tend to lead to correction/consolidations.
A correction that brings down the extreme breadth readings will offer better non extended setups. Underlying setups are still very good and number of stocks are near their multi year range high. Breakouts from those level indicates likelihood of big moves.
Short term picture is pointing towards a pause. In a strong bull moves often such pauses can be brief .