Fill in the blank: Buy on the rumor, _______.

Was it even rumored that Greece might avoid defaulting to IMF?

German press is reporting that the EU and ECB will extend aid to Greece without the IMF. This is particularly timely, since this seemingly rebuts the headlines that had triggered the drop from last Thursday”s opening high.

I wasn”t aware of any rumors to this effect, although price patterns continued to suggest that Grexit hasn”t yet come to a head. This morning”s rally up to 2115.00 had consolidated narrowly down to 2112.50 when the Grexit headline triggered a surge to 2119.25. That surge has been retraced entirely.

This afternoon”s 2116.25 bias-up signal didn”t trigger, which allows room back down to this afternoon”s 2109.50 bias-down signal. That was just attacked to within 2 ticks. Breaking under it through 1:30 would invalidate the no-bias range”s limitation.

Session-long rally update: The setup wasn”t optimal, but we”re tracking its template anyway. If this afternoon”s bias environment is the window that does not probe a prior high, then the final hour should resume the rally. Again, the setup isn”t optimal, so we may still consider sell signals when the afternoon”s bias environment has lapsed.