The FTSE and the US indices are clinging onto the recent long signal given (although they are below the initial entry level), and as such there remains considerable doubt as to the direction of the next major move. There are some conflicting signals here - the system is indicating a long, yet there are a series of lower lows and lower highs in play.
If the indicies are able to consolidate at these levels before breaking out to new highs, I would be much more confident in which way to bias my positions. Interestingly, the German DAX has still to yet give a long signal (no doubt as a result of the implications for the German economy over the Eurozone issues). I've shown charts of the FTSE and the DAX below. The upcoming EU summit may act as a catalyst.
As it is, profitable short trades are still in play, with no sign of a reversal in many of them (I've posted charts of some of these over the last few days). So, the best course of action remains the same - if you are in profitable short positions, stay with them until you get the exit signal. And continue to watch the indices to see if last week's highs can be broken.