The charts below show that both the FTSE and DAX have now made marginal new highs. The US indices somewhat lag (shown the S&P below) but have also made new highs off of the November lows. In all cases there has been a sustained rally over the last month or so, with very few 'down' days in that period.
The charts also show the increased volatility as a result of this price action, along with the 'V' shaped reversal at the November lows which by their very nature trend following systems struggle with.
As I showed in this post over the weekend, when taking a longer term view there has been very few opportunities over the last couple of years for a pronounced trend in the indices to develop. Here's hoping for at least one decent trend in 2013.