The NYSE index is a granddaddy index to all the media hyped indexes like the INDU, NASDAQ and SP500. The NYSE composite index is the stock market, and it matters more than most, and YES a all time high approaches.
The last time an all time high break out occurred, folks only raised cash a little (timid selling, see first circle on chart), what will happen this time? Will FED talk of Xmas Taper cause a more serious sell down, maybe stock fundamentals mean something again and prices fall to correct levels, or maybe more of the same and we get a charge through to higher prices. Of course with any break out into a new price area the Wyckoff chart reader will be watching for a solid UpThrust (price tease, and collapse into previous range), after Mr Market does not place nice.
"The market always tells you what to do. It tells you: Get in. Get out. Move your stop. Close out. Stay neutral. Wait for a better chance. All these things the market is continually impressing upon you, and you must get into the frame of mind where you are in reality taking your orders from the action of the market itself -- from the tape." ~ Richard D. Wyckoff
"A market is the combined behavior of thousands of people responding to information, misinformation and whim" ~ Kenneth Chang