SPY Update

 1 min SPY positive divergence, this may test the lows once more and possibly create a second divergence which would be a stronger potential intraday move.

Asked about whether a bounce scenario is still on the table, this 15 min chart shows a relatively strong position for 3C considering the SPY is at the lows of the chart. It seems the ongoing event that Wall Street is having trouble discounting is the Greek Debacle as the main players within the Troika can't even seem to get a handle on it. Furthermore the reaction of the Greek people, Parliament and the Bond Holders that are currently the most important player in this plan, is a total unknown and Wall Street hates this uncertainty.

So when asked if the potential is still there, I'd say yes it is. However, don't lose sight of the bigger picture, which I posted again last night from another perspective.