I read an article today that suggests that the market cannot head down because 25% or more of new issues were hitting new highs and that bodes well for the market historically. My reply to this would be whether a stock hits new highs or not makes not a jot of difference to its future direction. In my opinion the one technical aspect to look out for in this rally is the degree to which the masses have become bullish and right now this is high. At this point the insiders who have engineered this rally will know they have a nice market to unload on. That time by the way is now.