The Dow Jones Transportation Average has almost completed an impulse up off of the June 13 low while everyone has been worrying about the SP500 and the Nasdaq. More importantly it is trading above the January high and the May low - both of which are bullish.
Today's action in the SP500 still leaves either the triangle or flat correction potentials on the table, but the Nasdaq indexes are close to surpassing the May low and the Russell 2000 has already passed the May low leaving a variety of possible outcomes on the table. Since volume has still to show up, I think we must expect some sort of pullback/retest in July before the rally can really get going again. However, the picture is definitely brightening for the bulls. The bears have just not been able, once again, to deliver the knock out blow.