In my personal opinion, the fact that it is largely uncorrelated with the S&P index (overlaid in red) is actually a good thing. Stocks in general are in a frenzy over more free money from a global quantitative easing, bolstered further by the dovishness of the FOMC meeting consensus released yesterday.
Technically, it appears to be consolidating once more in somewhat of a , which is even easier to see when Heikin Ashi charts are applied. Further, it is consolidating at a major fibonacci level (anchored from the high of 2016-01-25 to the strong level of support from the low of 2016-02-19). Yesterday proved very leading us to expect some pullback, but the high of today was still greater than that of Tuesday, another sign.
Note the proximity to the , which may indicate further pressure building at that level. The other technicals such as the , and suggest that we are ranging, though fortunately the indicator advocates that we are in a longer term uptrend.
Trading idea: Wait for a big bull bar to confirm the breakout from the . Set your profit targets using the fibonacci levels above, with a protective stop at the base of the (hypothetical at this point) bull candle. Keep in mind that this may be something you want to hold on to long term.