The back and forth continued, except this time pre-market gains could not be held and markets revisited lows. This lows still hold as support, but it's a tough sell to buyers to want to jump in here. The S&P finished below it 200-day MA with a big inverse hammer.  Technicals are net bearish, except today's action hasn't reversed the net out performance of the Large Caps over Small Caps.

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.