1pm update - increasing weakness

US equities remain moderately weak, sp -7pts @ 2069 (intra low 2058), and looks set for increasing weakness this afternoon.. as there remains huge uncertainty about the ongoing Greek debacle. VIX is reflecting some moderate market concern, +4.7% in the 17.60s.


sp'daily5

Summary

There is near zero reason why the market won't see increasing weakness for the rest of today.

After all, who wants to be going long in the sp'2070/60s?  A test of the overnight futures low - equivalent to sp'2044 (or so) looks highly probable.

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I am keeping an eye on INTC, as an indirect signal/proxy for the broader market.

The low $29s look on track..which effectively completes a giant H/S formation. A rally to the 32/33s in Aug/Sept looks viable before sub $29.
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back at 2pm