6pm update - Cyprus event rattles market

The Cyprus event has rattled the world markets, and overnight stock futures are starting to drop somewhat significantly. ES futures suggesting sp -15pts at the open..although figure will likely change a great deal in the next few hours.


sp'daily5 - outloo

Summary

My original outlook was for a drop of 20/30pts across Mon/Tuesday - forming blue IV, before a final blue V up across 2-3 days - probably coinciding with the FOMC.

I still think that outlook is viable, so long as we don't go much below 1530
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Gold jumps $18 at the open

..updates..as necessary..across the evening.