There is increasing probability we have a key cycle floor of sp'2044, with a divergent lower high of VIX 19.20. Despite the ongoing Greek drama, there are a number of indirect signals suggestive that the down wave from sp'2129 is complete.
*I realise some of you might still be rolling their eyes at my 'indirect/proxy signal' of INTC, but it has the cleanest price structure out there.
I hold to the original targets... and if correct, it would be suggestive of market upside into August.. regardless of the Greek situation.
*I am strongly considering picking up an INTC long position today...
As for the broader market... a classic case of an 'overnight futures low' being tested and held in the cash market.
Rest of the day could merely be chop.... should give everyone a chance to re-position.
VIX update from Mr T.
time for lunch
12.36pm... I want INTC in the $29.20s.... by 2pm