Market update

Previous market update here

My ST signals have been on a sell since 3 weeks. No change yet and we didn't get a buy signal yet. Since something "greek" is going on, let us look at one simple chart. The support for the $SPX lies in the ~ 2065 - 2070 area. A flush below this strong level, there is thin support at the ~ 2040 level. Below that, at the ~ 1980 level. The US market futures are down about 1.5% at this time but remember that it is only the daily close on the actual indices that matter.

We were on a "sell" signal since 3 weeks based on our indicators (one of them below in the chart). You might be wondering what we did in the last 3 weeks. We don't trade only the buy and sell signals. In addition to the flipping of positions during these signals, we take advantage of the dips and rips by scaling in and out. In other words, if the market moves in the direction of our trade, we do take some chips off the table. That ensures that we book our profits. Please read our trading methodology. The market has indeed come to the ~ 2070 level twice in the last 3 weeks. Some of the positions were partially closed when that happened. This is the 3rd time we are about that level. 

What happens tomorrow? I have no idea. Be careful out there. Use stops, and do not over trade on days like this.  I am not necessarily saying we will crash tomorrow but some caution should be exerted. There is always another tomorrow!

GLTA!