As suspected, the late-morning spike

As suspected, the late-morning spike up on Greece headlines extended the rally ahead of itself. It seems impressive that the final hour didn”t correct any of the spike, but that runs the risk of “ineffectual optimism.” Especially since buyers gained no traction for their efforts (both exiting the bias environment and entering the final hour within the noon hour”s range).

Gapping up Thursday would be less than half the battle to avoiding a delayed corrective dip — maintaining the gap, and extending it, will also matter. Nothing will marginalize sellers at this stage of the pattern, so early strength could stretch the rubber band before it snaps back down hard.

Meanwhile, Wednesday”s breakout will be looking for a second consecutive higher close to confirm that new highs are now in-play. The early Market Wrap is entirely relevant since later price action ranged narrowly:
https://roddavid10.mitel-nhwc.com/join/zvshjjz

Overnight links to view chaRTroom action:
XP-Friendly: Unavailable tonight
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh

Programming note: As with last Thursday, I am available only through the noon hour and the afternoon bias signal. The chaRTroom should be available (an ISP outage prevented that on Wednesday). This is not a recurring thing, so thanks to all for your indulgence!