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When most people first start trading, they see a market that is running up,up ,up - or falling down, down, down and they want to jump in and get some of that action. What happens? As soon as they make their move the market does a 180 and heads in the opposite direction due to extremes. We may be at the point that extremes are about to cause some decent bounces. Lets look at some charts.
SPX July 1 - the original thinking was that this could be a bear flag and become an a-b-c down.
SPX - with a lighter volume drop to the 200sma so far , and for other reasons mentioned further in this report, I am thinking we get a bounce here soon.
There is a chance that that Bounce is bigger than expected if we get a short covering rally. Let me explain.
Read MoreI gathered all of my charts Sunday morning and most of them looked like they were indicating lower prices. Monday morning , after the Greek Vote, the color of the day certainly does looks to be RED so far. Lets take a look at the charts .
Here is a quick glance of the futures as I write
This was my chart for the SPX posted here for July 1- it looked like it might have been a bear flag forming.
Read More Once you have all of the pieces of a puzzle in place, the picture gets quite clear. Unfortunately, I dont think we are quite there yet and today may not help all that much. Today is the last day before of trading before a 3 day holiday weekend in the United States, and I expect most of the Big Boys will be leaving early. I think we may see some action in the morning, but by 1 p.m. Eastern time, the day may just drift. With that in mind, lets just see where we are at currently and I'll discuss things in greater detail in the weekend report.
SPX - Is that going to become a 'buy the dips' recovery or just a bounce? It may even get to the 50sma, we'll have to see.
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