Good Morning – Today is series s4H NORMAL and the SPILL IS DOWN. My son dropped in for the weekend , so the larger write up will be sent tomorrow. Friday we did the NORMAL s1H and the Greek News jot the Market precisely when the BEARS needed to begin their move IF they were going to achieve the lower odds 32% outcome resulting in a possible “A” shaped day.
The LOD was the 2083 SPOT also given as BEARS need to kill. They failed. Just prior to the Greek News hitting the tape, price received a permission to leave the 2091.5 SPOT at 12:34. The initial news reaction UP was unable to kill the BLUE LINE on the 26 min CASH CHART discussed all week. The following drop held the weekly close 2093.5 to the penny and from there it was all BULLS as the normal played out and price burst through the BLUE LINE with a vengeance. The ‘next cash’ at 2108 was overshot by more than two handles and this is important future information IMO.
Last week was all about the BLUE LINE and holding 2041.88 cash. The 2041.88 cash is still critical but the action Friday now focuses upon 2072.4 cash as well. The bears accomplish nothing until that price is overlapped. The first major tell of that possibility will be a break of 2083 SPOT and near term support is 2099.4 where bot the daily and weekly pivot are the same for today. This is due to an unusual FRIDAY where the low and high of the week all came in that singular session.
This week the big deal is going to be JANET YELLEN on the Hill Tuesday and Wednesday, followed by the reaction the the Greece can kick, and lastly the correlation between Oil and Equity.
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