Greece and China will have an effect on the markets early this week and because of that I feel the risk of calling a technical move is much higher then average. There are a lot of reasons for a bigger pull back in the markets and a lot of people looking for that pull back. Could Greece be the catalyst? I don't think we will get to see the effects of a Greek exit but in either case this week will be harder to predict.  Sunday when futures open we will give us our first clue on the effect of the recent events discussed in the video.

This weeks HPS Video is updated but will not have any new setups until after we get past Tuesday, Right now between Greece breaking off negotiations over a new bailout and the deadline of Tuesday to see if the European central bank will continue to provide emergency funding to the Greek Banking System.

and the the breaking news of yet another Chinese rate cut. Which some would think would lead to a pop in the Asian Markets Sunday  and for that pop to carry over to the US futures open.

The market will be in for a pretty interesting open Sunday night and Monday morning. It is fun to guess how this will play out and I will definitely share my thoughts Monday live on the air. 

As for the technical side of things as you can review from last week's midweek video and charts I was very concerned about the rising wedge on the 60 min chart and the measured move target back down to 2095-2098 in the SPX S&P 500 Index.

See below

From Wednesday the 24th

"60 minute time frame is oversold and this has been a great timing tool but Greece overhangs everything. The charts have set up in a nice rising wedge pattern  out of the larger channel breakout. The pullback today was expected but the energy seem a bit intense. Levels below on spx 2098-2095 look very nice. But not calling a perfect touch as the 60 min and 5 min are setting up for another move higher.. So recap.. Daily embedded and 60 ready, but many stocks  over extended. Feel Greece will be a factor in the next move but not guessing how that will play out."

Now lets look at where we are now

So whats next?  News will play a part my thoughts are in the videos and the update. 

But in short to much risk to guess or take on any new positions other then some hedges and even those in some way are a gamble. Positive news could pop and then drop us and negative news could do just the opposite as the markets might be though with the games being played behind the scenes.

This weeks Watch list Video update can be found here.

and this week's Market Radar Video can be found here http://benefits.daytradingradio.com/marketradar/

Don't forget Futures open 6:00pm est Sunday Night tune in to get the first reaction to all the news

DayTraderRockStar