These Diamonds Must Be Forever, Right?

The now-ubiqitous daily new all-time highs for the Dow Jones Industrial Average is under some pressure this afternoon, as the North Korea news seemed to coincide with bulls losing their initiative on the action after a solid upswing this morning. 

As it stands now, headed into the closing bell, the "Diamonds" ETF, as it is know, for the Dow (DIA symbol) below on the daily timeframe, shows us a variation of a "shooting star" reversal candlestick. 

By now, we all should know the drill--Single reversal candles require confirmation in the direction in which you seek the reversal, and the overarching trend is still firmly higher, to boot. Moreover, we know the manner in which the Dow has ignored prior intraday fades during its most recent ascent, among many other instances in the last few weeks, months, quarters, even years. 

Thus, we are talking to near-term traders only when we say that the constant mainstream news media coverage of the Dow's daily new highs may finally be catching up to bulls as some type of short-term contrarian sign. Disney earnings tonight, after the bell, may impact the Dow one way or the other. 

But the small caps are also reversing down sharply, too, which is a signal for me to think defense-first as the "bend, but don't break" bulls may have tempted fate one too many times.