$SPY mirrors the S&P and is testing the downtrend from 2007. Also July 2008 ceiling resistance is a few points higher.
$DIA is testing the 2007 downtrend l AND July 2008 ceiling resistance. MarketClub has a free technical video on the Dow (via Adam Hewison) that you should see: As the Dow Goes, So Goes the Country. I like MC videos because they are simple explanations.
The QQQQ has been killing it on positive tech earnings and is above all levels except July 2008 resistance. MarketClub shows that the Nasdaq index is between the 50 and 61.8% retracement, which Hewison calls "thin air" which could have negative repercussions (video here).
There's also an immediate term bull case for the markets when looking at ascending triangles. Check out the near term view of SPY, DIA and QQQQ. Once prices start making lower lows it would mean the uptrend is broken w/ a possible support test and/or flip to descending mode, or you're own explanation.. So I guess it's a battle between short term momentum and long term downtrends/ retracements.
If the Amtrak had wifi or I had 3G wireless on my laptop I could get into shippers (DRYS, EXM, SEA) tomorrow but I don't, so I shan't. I need Clear 4G everywhere. Watch that $6 level on DRYS and the ultimate symmetrical triangle. Check back for an update.
Full disclosure: Although I do work as an affiliate for MarketClub, I have followed their work and am confident in the quality of their products and services.