Looking at the current TA landscape -
The DJIA is now overbought based on the RSI (Relative Strength Indicator), which is currently over 71 (over 70 indicates overbought). However, the DJIA reached an RSI of 70 three times in early-mid Nov and kept trucking higher after brief pullbacks. The DJIA is also right near its mid-Aug high, which represents a key resistance level. The DJIA has bounced 20% off its Oct low, but is still down 7% from its all time high in Jan.
The S+P 500 has lagged the DJIA, and even after a 15% bounce off its Oct low, is still down 16% from its Jan high. The RSI is currently 62, and the S+P 500 is nearing a test of its 200 MA (4057).
The Nasdaq has lagged both the DJIA and S+P 500, and has only bounced 11% off its Oct low, and is still down 31% from its all time high from Nov last year. The current RSI is 55. The Nasdaq is above its 50 MA, but still way below its 200 MA.
The Nasdaq looks like a relative bargain, the DJIA appears overbought, and the S+P 500 in the middle. Fwiw, my strategy is to use the S+P 500 as a conservative vehicle, and it contains both DJIA and Nasdaq type stocks.
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