It's not looking good for Greece with Germany holding out , and last week's big swings without any significant change in price is going to change next week. The break down from the end of June looks likely to hold out, and this will keep the intermediate down trend in play. Intermediate trends last from 3 weeks to 6 months, and there is probably enough fuel from Greece and China to keep this going into Autumn. Bulls are not entirely out of the game. The S&P is defending its 200-day MA, with a new 'buy' trigger in On-Balance-Volume, and a continued relative advance against Small Caps. Gap resistance is at 2,085. The Nasdaq also saw an On-Balance-Volume 'Buy' trigger, although the latter volume indicator has flat-lined. Gap resistance for this index sits at 5,038 with the 200-day MA the next target down. The Russell 2000 defended trend-line support, but next week will be a tougher test. Such support is unlikely to survive a fourth test. Tech i

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.