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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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Alex - Chart Freak2015-07-02 11:35:352015-07-02 11:56:12Pieces Of The PuzzleThere 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...
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Alex - Chart Freak2015-07-01 12:44:022015-07-01 12:44:02Greek Solution ?When 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...
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Alex - Chart Freak2015-06-30 13:25:222015-06-30 13:34:09Warning Signs
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