S&P 500 Jun 29 to Jul 03 Outlook

Recap
FBO Monday against Y+1 set the stage for a drop back down to Y-0. The rest of the week just played out the script. Y-0 tagged eventually and ES simply stuck there since. Closed the week near Y-0 and near week low.

Outlook
3 pushes down on 30-min points to a potential bounce back up to B-0. That can happen easily given the situation with Greece still suppressing the liquidity. In addition, it is holiday week for Canada and United States that further reduce trading volume. So price movement can be more volatile but without follow thru.

If ES fails to clear B-0 and stay above by end of the week it will be very bearish on daily basis.