About Friday's Week Ahead Forecast

I hope everyone had a great weekend, I had a very nice time out on the ocean.

Any way, this morning we have seen a sea of green, except in China where the Shanghai Composite is down another -6.42%, but European and US Index futures are a very different story.

Remember the The Week Ahead posted Friday expected weakness through the week, but:

"I think the short term chart craziness reflects knee jerk possibilities over Greek news. We've all been wisely conditioned not to expect much from Greece, but this is now a country with the clock ticking down. I can't figure out why the ECB keeps extending them just enough Emergency liquidity to just about even out the outflows each day and I can't figure out why after the horrible failure of a EuroGroup meeting yesterday, Tsipras would go to such trouble as to get an emergency meeting scheduled for Monday and why the Troika who clearly thinks or says Greece is not serious, would give them the chance. So the very near term looks a bit cloudy, although I doubt smart money is carrying much of anything in to the weekend which is largely what I think this week was all about, not just the close today"

And...

"As for short term charts, I don't think anything overcomes the news and we really don't know what the news is going to be. However thus far I have not put out the VXX long call/add-to call, one of the reasons is this SPY chart (1 min), if we close like this then the concept of 3C charts picking up where they left off kicks in and the most probable outcome would be some early week/Monday market strength"

The chart I was talking about Friday that suggested an early in the week/Monday positive tone was this SPY chart from Friday...

 The SPY Friday 3C chart suggesting early week strength/Monday.

The longer term charts don't look good for the rest of the week or mid to later part, perhaps even later today like this SPY 5 min chart.

However for now...

It looks like the 3C chart was right... This is ES since Friday's Futures' close popping higher on Greek deal expectations just as I said Friday in the first excerpt above, I can't figure our why they'd have another meeting after that horribly failed one unless something was on the table.

Next this morning, the Eurogroup announced an earlier than expected press conference. No one  knows what this means, whether there's some structure for a deal or things went horribly wrong again, but 3C was pointing to something pro traders seemed to feel about early today, whether the press conference screws that up before the cash open or we open gap up, either way it looks like 3C was on to something, THE BOUNCE AND THERE IT IS ABOVE.

NOW TO SEE WHAT THE EUROGROUP HAS TO SAY. Greece is the fulcrum of the day, maybe the week, month and year.