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There is a rumor out that Greece is about to accept a bailout and futures are up strongly. Is it the same old "buy the dip" that we've seen again and again after every sell off in the markets? Maybe. Could it be a back test of the recent break down, only to continue selling off? To the charts...
SPX - obviously that was a big drop Monday and basically just a pause or bounce so far Tuesday .
The jump in the futures brings the SPX back up under the blue trend line...
Read MoreWhen things start to look a little "off", or maybe something just doesn't look quite right, it shouldn't be ignored. You may be seeing cracks in the armor and those cracks can, in due time, lead to further break down. Lets review some recent warning signs pointed out here.
In late May and early June we discussed the Dow Theory - warnings signs were present.
This was the JUNE 4th chart
TRAN NOW-
We've also discussed the wedges in the various indexes...
Read MoreEDIT: This report was finished by Sunday late afternoon. When the futures opened, the Greece Crisis had taken a turn for the worse and the reaction was strong. Interestingly, most of the reaction is as expected in this report. I decided to wait until Monday morning 7 : 00 a.m. to release it to update as needed . Not much needs updating, since the expectations were downside anyways. Lets take a look at the charts/ report as written Sunday, and I will add new thoughts in blue if needed.
SPX WKLY - This week we still have the bearish wedge, and a wick on top could signal a drop
NASDAQ - several indicators are showing weakness on the weekly chart
EDIT: It has been announced that Greece will not open their Banks until after July 7th and their stock market is closed. ATM's will only allow 60 Euro withdrawls. Our futures are down as expected above, but knee jerk reactions do not always have strong follow through after the panic subsides. We will have to let the dust settle. Next is IWM, USD, OIL, NATGAS, Precious Metals, etc
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