Above is a long-term chart of the NASDAQ. I’ve decided to focus on this exchange because it is the market leader among all indexes.

When considering the health of the market, you should take a look at both the short- and long-term charts to get a more complete view.

Currently, the NASDAQ is looking pretty healthy in the long-term. We are only a few percent off the highs from last year and have rallied an impressive 87% from the bottom in early 2009. We recently moved about a major resistance level and have a strong trend line of support to fall back on.

Below is a short-term look at the NASDAQ:

This chart shows a bit of a different story from the long-term view. The market has been trading in a widening channel as the corrections and rallies have been becoming more volatile.

There are two main things to consider from this chart. First, we are near the top of the channel and second, we saw the first major distribution day in around a month.

IBD credits some of the volume spike to “quadruple witching,” which is the quarterly expiration of futures and options. Regardless, I think this is a big hit to the market after a blazing hot rally in which down days were a rarity.

In the short-term I am bearish considering these two factors. Long-term, though, I see no signs of the rally stopping.