SHORT TERM: quiet morning then afternoon pullback, DOW -86
Overnight the Asian markets gained 1.1%. Europe opened lower but finished mixed. US index futures were relatively flat overnight, and the market opened three points below Friday’s SPX 2116 close. By 10am the SPX rallied back to Friday’s SPX 2118 high, then started to pullback. At 10:30 the SPX hit 2111, bounced to 2116 just past 11am, then headed lower again. Also at 10:30 the FED released their FOMC schedule for 2016: http://www.federalreserve.gov/newsevents/press/monetary/20150511a.htm. Around 3pm the SPX hit 2105, bounced to 2110 by 3:30, then dropped back to 2105 at the close.
For the day the SPX/DOW were -0.50%, and the NDX/NAZ were -0.35%. Bonds lost 29 ticks, Crude slipped 10 cents, Gold slid $4, and the USD was higher. Medium term support remains at the 2085 and 2070 pivots, with resistance at the 2131 and 2198 pivots. Tomorrow: a Budget surplus is expected to be reported at 2pm.
The market opened slightly lower today, bounced to Friday’s high, then dropped below Friday’s SPX 2106 low, ending the day at 2105. Despite the 13 point decline, the first pullback from SPX 2068, it was relatively quiet day. Not much new to report: long term indicators remain negative, the medium term chart pattern continues to look like a leading/ending diagonal triangle, and the market remains in its seven month trading range. Short term support remains at the 2085 and 2070 pivots, with resistance at the SPX 2120’s and the 2131 pivot. Short term momentum displayed a negative divergence at today’s high then declined to slightly oversold. Best to your trading!
MEDIUM TERM: still an uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
If we close red, still can’t rule out a lower low 2080-2085 tomorrow.
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Market does seemed to concerned about Greece…Markets do what markets do.
I just cant see a real world way out here. There comes a time when you stop throwing good money after bad and the shit hits the fan. The enablers are tired of enabling. Is there any good scenario for Greece, not necessarily the market reaction.
It would be a breath of fresh air to get closer to “free markets and free men”
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Market does “NOT” seem too concerned about Greece.
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I remember when the stuff hit the fan back in 2011 and it “was about Greece”. almost 5 years later and people still talking about Greece? poor Greece always being blamed for down market. im convince we will be fretting about Greece 5 years from now. 🙂
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Try 2500 years of drama:
Greek tragedy as we know it was created in Athens around the time of 532 BC, when Thespis was the earliest recorded actor.
http://en.wikipedia.org/wiki/Theatre_of_ancient_Greece
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ah yes. the irony
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Greece and some guy by the name of Gutteburger? when it goes down and when it goes up the Fed, the crooked CBs, and all them daft kool aid drinkers. 😉
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