Technically, as long as the last bottom is defended, the posture could still deliver a relief spike.
On SPX , 2140/2160 is the target short. (2200 would be the extreme vertically, +1% per month).
Below 2040 in close could open to very different dynamics to the downside.
- The long is very tactical.
- The short is the strategic trade here and the target to do so is 2140/2180 – Minimum target 1960 (testing the yearly ).
18Jun15 – Greece - EU Finance Ministers Meeting.
19Jun15 – Options Expiry – Which has been historically on an uptick.
30Jun15 – Greece - Cut off date for the 1.6bio scheduled payment to IMF.
The amounts are rather small – It is a question of ego/nego – There should be a solution.
Tops are rarely made on bad news.