With China vying with Greece for Worst Financial Headline, buyers were hard to find. Yesterday's late surge - typical of capitulations - was completely reversed by today's selling. Where the S&P was knocking on the door of a break of 2085, it instead finished the day below its 200-day MA. It has been a long time since it last trades below this average, but we may be now looking at the start of the capitulation. While losses were big, it maintained its relative strength against the Russell 2000.

A huge bullish reversal after an opening sell off leaves things nicely set for bulls tomorrow. The media attributed a recovery in oil prices to market gains (a rare attribution for oil prices!), but whatever the cause it was a big intraday swing. The S&P spiked through 200-day MA support on heavy volume accumulation. Other technicals are net bearish, although the index is enjoying a relative performance against Small Caps.

Hard to say if bears have had enough or are just waiting for worse news to follow, but the Greek referendum didn't have too much of an impact on Monday's action after the long weekend. In the case of the S&P, early losses didn't go as far as to tag the 200-day MA, but the 200-day MA has played as support. Technicals remain next bearish, and the swing low at 2,039 is calling. Volume climbed to register net bearishness, although there is a relative loss in performance against the Russell 2000.

After yesterday's gains there was no more gas in the tank to squeeze any more out of the market. Worryingly, the Russell 2000 finished near Monday's lows in a relative loss to S&P and Nasdaq, suggesting bearish leadership will come from speculative Small Caps, and that further losses are likely.

The bounce wasn't particularly strong and volume was down on yesterday. Today's action keeps resistance in play, and maintains the dominance of Monday's sell off. The S&P tagged 2080 resistance, before reversing. Technicals remain net negative.

Stockcharts.com running very slow, so no update today.

A doubly whammy of weakness from Asian and European sessions left bulls with little room to stretch their legs. Not surprisingly, there were few willingly to make a commitment so bears had the market to themselves.  The good news is that today's decisive selling pushes markets out of their stiffing ranges. The S&P dropped below 2080, and is knocking on the door of 2040. Technicals are again net negative. The 200-day MA at 2053, just above the 2040 level, may play a role in tomorrow's action. While the Dow has already indicated a break from the March/July range. The Nasdaq gapped out of its bearish rising wedge. Lots of room down to the 200-day MA available. Shorts may look to attack rallies back to 5038. While the Semiconductor Index suffered another big hit. It's trading down at its 200-MA having crashed out of its range. The reversal in the Russell 2000 has left behind a 'bull trap', although this has dropped it back inside the prior ran