Lots Of Red So Far

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I 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

Futues

This was my chart for the SPX posted here for July 1- it looked like it might have been a bear flag forming.

SPX 7-1   Read More

Pieces Of The Puzzle

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 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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Greek Solution ?

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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 .

SPX 6-30

The jump in the futures brings the SPX back up under the blue trend line...

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