After that very strong growth from last week, the indices have completely stalled.

The price is now moving in a very narrow range, and that never bodes well. It's classic accumulation, but once a move comes, it will be fast and sharp.

If it is a sell-off, which given the seasonality could easily happen, it could quickly drive many investors out of the market, collect stop losses, margin calls, and thereby amplify the decline.

I would be very cautious with any new positions now.