The State of the Trend
The SPX daily is one percent away from its short-term target:
The DJIA is challenging its 2012 highs, and is 4% away from the '07 high:
The stick in the mud is the NDX, which is stuck in its box:
This is partly due to weakness in Apple. Despite all the excitement surrounding the Wednesday rebound, all it could muster is a consolidation below the recent lows. Further weakness will propel the stock down to $400:
The longevity of the January rally can be attributed to the fact that market internals never got overbought and managed to stay in neutral ground:
Now you can keep track of market internals for both the NYSE and NASDAQ live here during the trading day.
In summary, barring an unlikely change in monetary policy, the SPX continues to be on track to achieve its longer-term target: