I found S&P is pacing forward more solid that NAZ, just as you did, first good news to bulls.
Although market went up a lot, it actually just recovered from pullback and move slightly over the last high. So, technically speaking, it is not over heated as it was in 1999. That is to say, Mr Greenspan is unlikely to tighten the policy suddenly, second good news to bulls.
Market has been moving upwards in relatively small paces with good rhythm, very hard for bears to find a point to short, third good news to bulls.
Although market went up a lot, it actually just recovered from pullback and move slightly over the last high. So, technically speaking, it is not over heated as it was in 1999. That is to say, Mr Greenspan is unlikely to tighten the policy suddenly, second good news to bulls.
Market has been moving upwards in relatively small paces with good rhythm, very hard for bears to find a point to short, third good news to bulls.