It has certainly been a strong rally, but it is not a new bull run. The reasons are clear. The Nasdaq 100 has been underperforming SPX since the October bottom. NDX is a leading index, and the underperformance is an important confirmation that this rally should not be trusted.
A major SPX decline is necessary to reconfigure these daily charts so that the NDX and DAX are actually outperforming. The tape tells the tale.
The 15min chart shows the weakening performance of a number of leaders since February 3rd, and the comparison suggests the rally is nearly complete.
The DAX is still underperforming since summer 2011. In the summer of 2010, the DAX was leading up.
Since February 3rd, the Dow Transports have struggled with lower highs. The Russell 2000, and the Financials have been weakening relative to SPX.