As you can see on the 30-minute SPY chart below spanning the month of July heretofore, the market saw a strong move higher after the July 12th intraday reversal. Working off some of that stretched, V-shaped condition through days like today is not something out of the ordinary. The issue now is whether bulls can build on this progress and form a clear higher low, with the amount of quality individual setups growing. It would be only if the bears crack us back down into the post-July 6th chop zone (resistance trendline drawn below) that I would entertain the idea of this move completely rolling over and leading to a fresh leg lower.

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