The price relative on the Dow is is a slow, steady uptreand, so for whatever reason the Dow is outperforming. It has a confluence of exponential moving averages here which could be support. Most retail traders do not follow the exponential averages, but instutional, and especially program, traders, can, and frequently do, switch between the simple and exponential averages to key off.
For the past couple of years, the Nasdaq composite and the NYSE composite have had a relationship where when the Nasdaq leads, the market is in an uptrend, when the NYSE leads, it is in a downtrend. Since March of 2009 that correlation has weakened, but is still there. the Nasdaq is leading, although not decisively so.
If you take the highest recent close on the dollar index as resistance, then today was a breakout in the dollar. I thought this has a good chance of getting to 80.90, which it actually gapped above last Friday before coming down. It hit it again today, and appears to be strengthening.
It may seem contradictory, but today was a better day in my opinion than if we had gone up another hunfred points.Frankly, these V-shaped corrections we have been getting are not particularly healthy, and another month of range bound trading with some downside testing will give time for leadership stocks to build proper bases.
I will have the new highs update shortly.