I am not trying to argue with your comments, and I understand we are on an internet forum where it is more difficult to have a conversation, but I think things are not so clear. Certainly not so clear to respond "Where are you getting your information" to OP's opening statement and presumably their main point "record highs record highs of the DJIA and Nasdaq are being driven by large favored tech companies..."
I totally agree with your response about index weighting. The data point I was trying to originally look up but failed to find was how much do the top 5, 10, 20 stocks have on the index value now as compared to the historical norm. That would be interesting to know and central to whether the "alarm" raised in the ZeroHedge article was warranted or just the normal ZH gloomy outlook.
Looking at my portfolio I see that KO, PG, and GE are looking pretty flat over the last few years when looking backward at previous highs. Appears that MRK, PFE, CAT, IBM, DIS are similar. I did not go check all the Dow 30, but these are most of the ones I suspected were flatish (which would be at least 25% of the index membership). This time period also includes the run up preceding Brexit and US Presidential election bounce back so there are lot of political events occurring in addition to the Fed pumping money into the financial sector providing extra lift for most stocks.