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When the Dow hit a new all time high last week, many argued that it doesn't really count since most other major indices are still well off their highs. As the chart below shows, they're right.

In prior periods when the Dow hit a new high after not doing do for at least a year, other indices (for the most part) were also either at or close to new highs (I guess bulls could make the argument that since other indices are still well off their highs, they have a lot of catching up to do). You can draw your own conclusions on this one.

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Source: Dow's New Highs Not Matched By Other Indices