Interesting day in the markets,  the indexes that were weak – Gold, Energy, Financials – had a strong day and look to unwind their new shorts signals.  The others seemed to be a day behind these leading indexes.  This is one of those rare occasions where other technical factors are taking priority over the signals.  Though the SPX, DOW, and QQQ theoretically confirmed their respective sell/short alerts today, those trades are on hold.  The 30 min SPX chart above, with the 2 bullish count options, shows the trend line support of the current channel that halted the pullback.  The SPX also retraced a near 61.8%, and did so in a manner in which the c leg = the a leg.  So whether the leading diagonal proves to be correct and there is to be one more push up before the deep retracement (option that fools the greatest number of people!), or the more bullish wave 3 option, the trend has been up and the bulls need to be respected until the channel breaks down.  The 30 min chart above (see indicator above the price chart) was very closely correlated with the SPX moves for practically all of 2011, and seems to have regained its market timing.  It’s looking particularly bullish for the immediate term.That said, the market is right where one would expect it to be before a decent move, teetering between bullish and bearish with plenty of reasons to build a case for either move.  Just about every index is on an alert, tomorrow’s action should dictate market direction for the near term.