The outlook for Friday was for the SPX to move lower. The move down was not dramatic with a loss of less than a single point. However the collapse of talks over the weekend regarding the restructuring of Greece’s debt and their repayment due on Tuesday of the upcoming week, has changed the market direction from a technical perspective to an emotional one.
The advance decline numbers and technical indicators from Friday are not of value presently for judging what will occur on Monday. Instead the outlook is negative due to the probability of Greek default. The S&P futures Sunday evening are already down more than 30 points which will place the S&P opening below the important 2100 technical support level. This is going to set the S&P up for high volatility and more downside.
Market Direction Outlook for June 29 2015
The outlook is obviously lower for stocks as Greece has become the catalyst for downside action. I would expect the market to open lower and then rebound before more selling emerges. That rebound will be when I will be entering more bearish trades. I will be updating the market direction throughout the day.
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