This morning's near-vertical rise filled the open gap from Wednesday, and also reached a new intermediate high, edging out Wednesday's 1220.25 by an additional 1.19. This appears to be a continuation of the correction from either the 10/04 or 8/09 low. Since 8/09, only the declines have had an impulsive look. The advances have been overlapping, and look like corrective waves.
Not much to add, unless something dramatic happens in the next hour and a half.
Update: I won't say this is dramatic, but the index did inch a bit higher today, topping at 1224.61 before slipping back a hair to close at 1224.58. Hmmm. Now the chart at Yahoo shows an opening gap up. Earlier in the day, it showed an actual steep climb. I have my doubts about the accuracy of the Yahoo charts - at least at a detail level. But I don't know where to get anything better. And, they're free.
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