The Nasdaq, despite a weak close, has broken out into a new trading range, but at this point it is at best questionable if it can stay there. Price relative is slowing down. Relative volume was a little lower here, which means, for one, that there isn't a lot of buying at these levels, but there isn't a lot of selling, either.
The Dow industrials touched the top of the range that I have for them, almost to the penny. That horizontal line on the price relative may be a key here: a break below that is a bullish indication, staying above it is bearish, based on the theory that the SPX will outperform the Dow during up trends, the Dow outperforming during down trends. At least that has been my observation for the last couple of years.
The Russell 2000 is usually a pretty reliable indicator: when it underperforms, the rally is weak, when it leads the rally is strong. It came out of the box in late August to lead, but has snce weakened. Last time I looked at the price relative, I noted the horizontal line and said a break would be quite bearish. It did break, but not for long. This is treanding sideways now, which tells us a whole lot of nothing.
I will have the new highs update shortly.