The market – if you want to still call it that – can be broken into two camps these days. One camp is completely dominated by the bulls. In short, they’ve won. Trendlines have been broken to the upside, and there is absolutely nothing about the behavior of the charts to suggest anything but a near-endless series of new highs.
The other camp has been recovering, to be sure, but isn’t in the hands of the bulls (yet, at least). The topping patterns are still in place, or at a minimum, there hasn’t been any breakout.