The length of the SPX rally does not match either the January or October scenarios that I pointed to so those no longer apply. SPX is still in its 7-month range but a short-term bottom may be now established at 2070ish. A failure to reach a deal with Greece could change that. I expect SPX to maybe fluctuate between 2075 and 2140 while the Greece situation shakes out and then rally hard if it resolves favorably. I'll take more time to evaluate the charts early-to-mid next week but I'll be traveling a lot.
Just one observation until then...in the last 10 trading days, the max SPX movement from the 3rd hour to close (11AM-12PM near Europe's close) has been 8pts with 2 days closing 6-7pts off the noon close and the rest pretty-much flat-lining into the close within 3pts of the noon close. e.g. a noon close at SPX 2116 means min/max intraday price is likely 2108/2124 with 2113-2119 the likely closing range. So, anticipate boring action after noon. Once again, Greece could change that next week. Good fortune and good weekend!
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