Robert,
Here is the sequence of events:

6/15/2012 Buy switch on with a FTD (B1 buy signal) Exposure Count +1
6/18/2012 Lows above a rising 21-day ema (B3 buy signal) EC count +2
6/21/2012 Close more than 0.2% below the 21-day (S5 sell signal) EC count +1 and a distribution day D count +1
6/25/2012 Close below the FTD lows (S1 sell signal) count 0
6/28/2012 Distribution day, D count +2
6/29/2012 Additional FTD and lows above the 21-day ema (Buy signals B2 and B3) EC +2
7/3/2012 lows above a rising 50-day moving average (Buy signal B6) count +3
7/6/2012 Distribution Day, D count +3
7/10/2012 Distribution Day, D count +4
7/11/2012 Break below the 21-day ema (Sell signal S5) Exposure count +2
7/12/2012 Distribution Day, Full distribution count minus one (5 distribution days) S3 sell signal, EC +1
7/16/2012 Distribution Day, Full distribution count (6 days) S4 signal EC +0 with full distribution count the buy switch turns off and now waiting for a FTD
7/19/12 Lows above the 21-day: put a B3 buy signal in the pocket wating for a FTD

In the mean time the S&P500 is really the current leading index. It never went into correction. Normally CANSLIMERs look at the NASDAQ but what if it isn't leading? This is why IBD placed the market back into confirmed rally status today. My model has not been ported to the S&P500 yet, it is a major task. In the mean time IBD is about to announce a new S13 distribution cluster sell rule. If we see 4 out of 8 days with distribution or stalling it will create an S13 sell rule. It will also turn the power trend off.