Greek Financial Tragedy – US employment and the March Balancing
Greek Tragedy – US employment and the March Balancing of accounts has begun.
As mentioned this past week, it is time to rebalance portfolios and to clean out the positions for a “buy the dip” opportunity into March. For 10 of the past 11 March season’s we will see a dip in the S&P500 emini futures the first fill week of the month with a test of support. I put up a chart last week showing the projected move with two major supports.
The point of control for buyers to take back control is 1352.25. There is a chance the buyers will test this area, but if it comes to this price and then closes below the 130 support, sellers could take this o the next move down to 1319 and then test the Psychological “1300” Where the market could see selling pressure really step in.
Initial targets on this move is to the supporting trend line in this bullish channel at 1320. A small test with unsupported price would be a signal of possible continuation of the channel. Wednesday could be a very low volume day which could add into the volatility into the close. It is not unusual to see selling pressure into the close approaching big news days.
The Greek Financial Tragedy is putting more pressure on the euro and we could see this also effect trading on US markets as the dollar index starts to move up.

On all three of these charts notice the break of the Major Trend lines, also the move to previous congestion Zones. Watching the Dollar index as trading moves price to resistance at 80.130 . Looks like the possibility of a Inverted head and shoulders setting up this week if price comes back to support at 78.79. Maybe by early next week we could get confirmation with a trading target of 81.65 .
The euro is still showing weakness as it approaches 1.31 with possible Psychological support at 1.30 . Any move up would also be creating the Head and shoulders with a project move returning to lows of 1.25 .
The S&P500 would then be looking for a test of 1247 area of support on the 200MA.
We shall see.
If the precedent that is being established with Argentina’s previous 2002 default and the court holding it responsible to bond holders, Greece could decide it is better to do the same. The thought that increasing the debt from 1.1 trillion to 1.3 trillion could stabilize the country is some what baffling. It seems the world is assessing the value of their gold holdings to support a new currency as the German government is sending inspectors to Gold depositories around the world to check on their physical Gold. Looks like it is time for a new “Mark” .
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