Bonds rose modestly while stocks backed down. As pointed out in last night's blog, the S&P weekly data was setting up for a rest at the 4 week trend line around 1044. The S&P closed right at that level, 1044.38. Holding such support generally means a continuation of the trend.
Most industry sector charts reflect pretty much what the S&P chart shows, a retracement to a rising trendline. The Basic Materials Sector has been one of the strongest sectors this year. It fell more than 4% this week but still has just backed down to a trendline. Sure does look as if markets will continue higher.