I’ve flagged ‘dueling impulse legs’ in the E-Mini S&Ps as evidence that DaBoyz are fixing to take the broad averages higher as soon as lingering doubts spawned by the Cyprus affair melt away. That they view those doubts as little more than an annoyance seems clear, and so we shouldn’t get too aggressively in the way of the next big push.  As always, though, it’ll be a case of trust-but-verify, since ignoring a bearish impulse leg on the hourly charts could be hazardous at this very late stage of the Mother of All Bear Rallies.