Yesterday’s explosive rally will have put shorts seriously on the ropes, since many of them must have been hoping to reap “free money” from call options they’d sold near the 900 strike. Even so, we should acknowledge that while the thrust did exceed the required two prior peaks to create a bullish impulse leg on the hourly chart, it did not take out a third peak at 964.00 — at least, not yet — that in visual terms had said, “I dare you!” (See chart.)  Rather than call this a sign of weakness, which it was not, let me say simply that it may be telegraphing difficulty in the next encounter with the $1000 barrier. Whatever happens, we won’t be left guessing for long, since any signs of growing strength, or of renewed weakness, will be evident in the way that impulse play out on the lesser charts.