China is reacting to their markets and the Copper futures seem to be ready for a move up.

Gold and Silver are flat to down.

Oil and Gas are mixed to down.

The dollar (DX) is up near the top of a recent channel and the 30yr T-Bonds are flat to down.

The Greeks are taking any deal right now. The Germans are pressing the advantage to the point of punishment. The ECB is taking sides when, in our view, its mandate is to protect their member banks and facilitate the money flows necessary for trade.  A long term negative for the Euro as a currency.  But in the short term there seems to be a shortage of Euro’s, possibly signaling higher.

China is trying to prop up their stock markets after their Govt sponsored newspaper Xinhua spent months exhorting the public to invest. Looks like a massive “pump and dump”.

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S&P Futures_ September contract.

Monthly – Upside target remains 2182. Trade pressures are up Volume remains neutral.

Weekly – still in the up-move with a 2246 target. Trade pressures are down but turning up today, Monday. Volume had a big bullish week last week.

The weekly short confirmation is 2058 which has been tested 4 times in recent weeks. A weekly close below that level would set up a 1944 downside target.

Daily – mid last week the 2061 short entry was triggered. The 200 day and the 2034 targets were met almost immediately for a 27 point profit (about $US1350 for one E-Mini contract).  The Sunday overnight trading is up thru the 2081 long entry seemingly based on the Eurozone approval of the Greek bailout. The next target up is 2145.

Stops are at the 2034 low; but trade pressures are neutral and Volume is bearish, so move to break-even as soon as the trade moves beyond the 25×5 moving average.