A second very important part is that it is the transportation average which has been trending higher. Historically, this has meant that a correction is all-but coming soon.
Here's a close-up of the past two months of daily closes - December 2013 to the present.
Every time the transportation average hit a new all-time high this month (January), the move wasn't confirmed by the Dow - but they had previously confirmed one another's movements to new highs after the transportation average failed to break support as the dow moved higher. As a result, right now, it means a correction of some magnitude is not just possible, but definite in my opinion.
I expect this to play out over the next couple of weeks, if not sooner.
