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 at the 1775 level in the process. If the market wishes to continue its run to new highs, it must stay clear of the 1740 level, as this level offers strong support. The index is up 25.63% 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 82 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 25.52% 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 better-looking technicals, as it still sits comfortably above its trend line. Since the start of the new year, the index is up 25.33%, 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 held up much better than the its US equivalent in the most recent market shakeup in September. Are things finally turning around in the developed world ex-US? As negative chatter surrounding Japan and Europe subsides, the index has concurrently built a base and developed a picture-perfect uptrend line. EFA now sits comfortably above both moving averages and has weathered this new downturn with relative ease and minimal damage. The index is up 17.61% 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, broke out to the upside in the last month, and has managed to hold the 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 18.31% 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 17.30% YTD.