Sunday 5 July 2015

6pm update - futures snap lower

With the Greeks voting against ratifying the latest Troika offer, equity futures have opened significantly lower, -29pts @ sp'2047, taking out the key 200dma. There really isn't much support until the giant 2K threshold. Metals are a little higher, Gold +$4, whilst Oil snaps -1.6%


sp'daily5


Summary

*am collating data...... bear with me
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Okay.. so. with things as they, the sp'2050s have been lost, with the recent low of 2056 being decisively taken out.

I am well aware a fair few are seeking a floor in the 2040s.. or even 2020s.. but what is clear... the Greek result is majorly bearish for equities this Monday morning.
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China Govt' is in semi-panic mode.. and it will be interesting to see if they can manipulate a net daily gain in the Shanghai comp'. Considering the Euro turmoil... it won't be easy.. even if they hit the BUY button across the day.

*China opens in another 3.5 hrs
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6.11pm.. sp -26pts...  2050.    intra low so far.. -32pts @ 2044.

In scheme of things... nothing too extreme, but still... some key downside breaks already achieved.


6.25pm.. sp -27pts... 2049... notably.. unable to re-claw back above the 200dma.

So... where will be the buyers come in this coming week?

2040s?  probably not.

2020s... maybe

2K.... absolutely... but at this level.. it'd really be a problem for those seeking new highs in August (or even Sept)... which does include yours truly.
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6.38pm.. EU indexes are naturally weaker,  French CAC and Germany DAX, both lower by around -3%.