27 June 2011

SP 500 and NDX September Futures Daily Charts - VIX

Eyes are on the Greek bailout vote.

Light summer volumes.

The US equity markets are coiling within obvious symmetrical triangles. They will break up or down, and that break *should* mark the next leg once confirmed by a daily close or two.

The SP 500 cash market has been finding support around its 200 DMA the past week. Traders are watching this carefully, as well as VIX, for the signs of an impending break lower.

I did add some index shorts intraday.