Here we have four of the major indexes and what their activity looks like on a daily chart for the year just ending.

The Dow and S&P look very similar which is very common with only slight variations in them.  Both indexes are still above their 25, 50 and 200 day Moving Averages.  They are still above their respective trendlines from earlier in 09.

Trendlines generated from Aug, Sept, and Nov. lows form a nice base line channel that these two indexes have climbed on their way up.  Price has not corrected back to the TL for several months now and will do so at some point. 

Both indexes are looking toppy right now as the range has narrowed and trading activity appears less robust than in months past. 

The Nasdaq has broken out recently to new yearly highs and has a stronger trend appearance than the Dow and S&P.   Money flowing into this index suggests that smart money is putting its capital to work in technology and faster growth areas than the big cap arena.  Should be a positive for the market overall going forward, as long as that trend continues.

The Russell has also recently hit new yearly highs but had to travel harder and futher than the Nasdaq to do it so it is probably move vulnerable to a hit than its cousin.  The Russell 2000 index has more smaller cap companies in it and is therefore considered more speculative than the Nasdaq. 

Short term it appears we are near a topping phase for the indexes.  If you are long keep your stops tight if you only got into positions recently. 

Intermediate term trend should be choppy and careful stock selection important as the market needs to pull back some to allow traders to get into the market at prices they feel are reasonable. 

Fresh money needs to come in to push this higher or we have to have a pullback to encourage bargain hunters.