The Standard & Poor’s 500 ((IVV)) had been on a tear since blasting through resistance at the 50-day moving average in mid-October, hitting a  new all-time high above the 1810 level in the process. If the market wishes to continue its run to new highs, it must stay above the 1790 level, as this level offers strong support. The index is up 29.00% year-to-date.

The S&P 500 Value Index ((IVE)), which consists primarily of US large-cap value stocks in the financial services, industrial, and consumer cyclical industries, tend to have lower price to earnings ratios and higher dividend yields than the market as a whole. This index is just above its uptrend line at the 83 level, and must keep from closing below this level if it wants to stay the course. Compared to the S&P 500, the index is underperforming but by the slightest of margins, returning 28.69% for all of 2013.

The S&P 500 Growth Index ((IVW)), which consists primarily of US large-cap growth stocks in the tech, healthcare, and energy industries, tend to have higher earnings growth rates, higher earnings multiples, and little or no dividend yields. The index is slightly behind pace set by its value counterpart but has the slightly better-looking technicals. Since the start of the new year, the index is up 28.41%, less than the overall market.

In the past few months, a short-term trend of growth stocks outperforming value stocks has emerged. The trend is strengthening of late.

The MSCI EAFE Index ((EFA)), a global developed market index that encompasses Europe, Australasia, and the Far East, has underperformed during this latest run-up that began in October. The index is now mired in a (very) short-term downtrend, and is approaching the wedge pattern in the coming days. Look for a breakout, whether it be positive or negative, this week. The index is up 18.83% YTD.

The MSCI EAFE Value Index ((EFV)), which consists primarily of low P/E international large-cap value stocks in the financials, energy, and communications industries, is also staggering of late, but has managed to hold its year-end gains to this point. Unlike the US markets, international value stocks are outperforming growth stocks of late, and the trend seems to be strengthening. The index is up 19.51% for all of 2013.

The MSCI EAFE Growth Index ((EFG)), which consists primarily of high-growth international large-cap growth stocks in the industrial, healthcare, and consumer cyclical industries, has underperformed compared to the value index. The index is up 18.74% YTD.