There are several points of interest. For one, while most major US stock market indices trade well within record territory, when adjusted for inflation, the story changes. For example, the inflation-adjusted Dow still trades below both its 1999 peak — albeit not by much (only 0.2% below its 1999 all-time, inflation-adjusted record high). Another point of interest is how the inflation-adjusted Dow was unable to punch through the 16,000 level on its previous two attempts (see red dashed line) — the market is currently making its third attempt.

Source: Chart of the Day.