The Market Trend Model (http://bitly.com/M_Trend_Model) continues to show a positive bias as the stock market melts up and up and up. The Nasdaq and the Nasdaq-100 have printed gains on ten of the last eleven days with today's action showing a subtle high volume reversal in both indexes. The index action today likely mirrors Apple's price action due to its over-weighting in the "technology" indexes ~ Apple also printed a high volume reversal today. And finally, the S&P 500 printed a subtle high volume reversal today as well.
A three to four day rest period for the indexes would be constructive now in order to allow the market to digest some of its recent gains. This also sets up a possible scenario where money comes out of Apple and moves into other stocks. However, one should be mindful that it is possible for the general market to roll over from here and begin a new downtrend.
At the moment the indexes should be monitored to determine if today's selling begins a minor consolidation to work off the recent 2-week rally or if the selling becomes something more serious.