In the investment world, people are constantly advising me to consider "market conditions". I'm investing mainly in mutual funds with a diverse asset allocation (bonds and stocks spread across market cap, growth vs value). I'm investing for the long term so I just need to know what the basic indicators are. Is it just the values of the major indexes such as the DJIA, S&P 500, and NASDAQ? What else should I be looking at?
Furthermore, is there an article or book that addresses this very concretely and practically for someone that can only afford a few hours a week on it?