If you look at the "core holdings" that are owned by Institutional Investors, you get a pretty good idea of what is happening to the stock market.

The current chart is below, and there is good and not so good news here.

First note the short term action is up on the short term.

The not so good news is the medium term action which shows a lower/high and a lower/low. This medium term action is technically showing down trending action.

So, there is still work to do in order to get the trend back to a medium term up trend.