SPX Breaks 100-day-Greek Rumors Again

Sometimes it's a bit hard to tell which came first, the chicken or the egg and in the market (specifically today), whether the internals were showing the correct information or the 30-second soundbite as to why the market pushed off the lows which is another "Greek" bailout rumor, namely the WSJ's "

"Greece’s international creditors have suggested extending the country’s bailout program until the end of March 2016..."

Apparently though, the strings attached have already been reported as a red line for the Greek government, thus it's just another story, no progress as the Greek government is sticking to the position that the only deal on the table is the one they drafted and submitted to "The Creditors" or whatever they had the Troika called.

From an internals point of view, it looks like the 100-day for the SPX was taken out around 12:45, watch what happens to the NYSE TICK data around the area...

The channel doesn't see TICK hit the lower trendily, internals improve, and before the Greek news hits.

 It looks like stops that where hit, although not too heavy from what I see, were accumulated around the area .

And on a daily chart, the 100-day SPX is right at support, Greek news timed as it is actually non-news?

Like I said, the chicken or the egg, Greece or internals. In any case, this isn't the kind of base area that I'd say has "done it's work" as of yet, but we are getting some movement and that creates opportunity.

Where the opportunities look best and whether they look strong enough to be a high probability/low risk trade is another story, just like earlier, it's just a matter of time and letting the market tell us where things stand.