Most of the indexes did at least tick up to confirm their respective long signals, only the SPX then went to close below its red/green indicator to negate it and it with the Financials and Real Estate remain on short signals, while the other indexes for now are on confirmed buy/long signals.  The 30 min chart below shows how choppy the equities have been.  As a swing trader, times like this I prefer to either move to cash or hold the position I believe will win the day until a break out occurs.  The soft commodities wheat and corn might have turned the corner to start their respective 3rd waves, and if so, then we should see very impulsive moves for them.  Precious metals and miners remain in strong positions on confirmed buy/long signals.

Nothing changed from yesterday regarding the wave counts.  I was looking for a pullback under all 3 scenarios I presented last night and which are highlighted on the chart below.  The most bullish count is that minor wave 2 has already concluded and thus we should see a 50% or so retracement of this move up before the market impulses to new highs.  The more bearish counts have either a modest new low or a more pronounced low that measures up to the descending triangle target.  I’ll be watching this chart closely over the coming days, but I favor one of the two bearish resolutions.