sp'15min
VIX'15min
Summary
Best guess... a net daily gain.. with price structure being a bear flag by late afternoon.. somewhere in the sp'2080s. Closing hour should see renewed weakness... ahead of the official Greek default/failure to pay the IMF.
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A daily close >2085 would seem highly unlikely before a test of the 200dma.. currently @ 2053.
Best case for the bears... further downside into early next week, with a washout to around the 2K threshold... along with VIX spiking into the 23/25 zone.
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*I am on the sidelines, will consider a market short.. later this afternoon... if price structure is bearish.
10.01am consumer confidence: 101.4 vs 95.4 prior. a powerfully bullish number... something for the bull maniacs to tout.
10.25am.. minor chop... still... another wave higher into the afternoon looks very probable.
Notable strength in the VIX.. as its back to almost evens.
10.38am... remaining choppy... Mr Market will surely want to kick out more bears later today.. before the downward trend resumes.
notable weakness: BTU -13%.... coal miners are seeing some increasingly wild action lately.