Quick Market Update

Amazingly considering the Greek situation, Wall St. knows where their meal ticket is on Friday's and they've maintained the pin in the face of some pretty bad Greek news. Thus far it has been EXTREMELY Dull, normal options expiration Friday-Max-Pain pin for the most part.

 This is the 1 min intraday SPY, nearly perfectly in line and very dull.

The TICK data shows essentially the same thing...

 NYSE intraday TICK today

Our custom TICK Histogram, again, VERY DULL so far, although I don't expect that will hold.

 Remember the 5 min negative divergences and futures falling apart earlier in the week telling us the reversal process was about to end and stage 4 decline would begin?  The post is here, Index Futures Update

This is ES 5 min and price has come down to meet up with 3C's leading negative divergence that we saw earlier in the week (see post linked above). This would normally mean we are at a crossroads where the market can consolidate, although an op-ex pin is essentially the same thing.

We have seen some intraday noise and attempts to bounce, but I'd pay the most attention to these charts...

 ES 30 min leading negative 3C divergence at the reversal area (yellow) still leading negative. We need to remove short term noise and concentrate on the bigger picture/trend developing to the downside.

The same type of chart in the averages looks like this...

 IWM 5 min leading negative at the same reversal process area from the bounce off the June 15th lows.

Otherwise, the only really interesting action today has been the EUR/USd. You may recall , and I believe it's in the Futures update linked above, the $USD intermediate charts positive and Euro futures negative suggesting the EUR/USD move lower and likely not a good sign for Greece.

As of this morning, the EUR/USD just hit a 3 week low...

We do have some members that are FX traders or who live in Europe so this matters to them, for me I'm not really interested in the trade, I'm interested in what the movement tells us and you saw the reaction of the pair earlier this morning when Tsipras rejected the Troika's latest, greatest offer, it went down as we have just hit 3 week lows going in to the Ultimatum Weekend or what traders are calling Greece's Lehman weekend again (I swear it's like Greece has 9 lives!)

In any case, between the larger/longer 3C charts (negative) and the EUR/USD making good on the divergences seen early in the week and last week, I don't take this as good news for the market. The question is, when does the volatility pick up and from op-ex experience we know that's usually around 2 pm on Friday. Next is where are the opportunities so despite the lack of movement in most assets right now, I'm going through watch lists again and I'll continue to update the situation as well as any additional trade ideas that look timely.