Good Bye June

Last day of the month snoozer.

VIX still near 20's after it's strong breakout from the bottom of the range abyss.

After yesterday's selling event, price gapped up then ground lower until midsession. Very respectable rotations from high to low after that.

On the five minute we note just how mechanical the selling was. For priced about at the gap fill, and then subsequently bounce at the prior session lows, tells me that real sellers are not around and we are looking for push higher.

Hello Greece

Hello Greece crisis!

With the markets unable to feature intraday volatility of more than 1% for months now, it was nice to see a truly out of balance market with an explosion in volatility.

With this huge move down, the markets could very well be kicking off a substantial downtrend. And with volatility up that will mean higher opportunity for daytrading. And then of course, at some point some juicy short covering rallies.

It was interesting to have seen the market gap down so far on Sunday evening, only to short cover into today's session open. And then forcefully grind down back to the gap downloads. A beautiful two-way auction example.

Pop goes VIX

Overnight action:

Overall:

Downtrend So Far

My how time flies, will try and back-post to chronicle some good market action.

We now have a downtrend in play, and today's balance and 11:00 double distribution breakout was the trade of the day.

The world is a mess (so what's new) and like isn't there going to be a real selling event ever again?

The multi month balance has us not making any calls, but we are biased to the downside for tomorrow.  If selling unfolds, I'll go with.  If responsive buyers show their hand, I'll not be too surprised either.

Vix firmly in the range along with everything else.

 Quickly around the horn.  Traders in a host of asset classes are just don't have much today.

Gold: Range.

Oil?  Fire up your escalade or 13mph pick up truck and go have some fun.

Bonds look interesting here for possible oversold bounce.  And this correlates to add possible fuel to any future equity selling event.

ES:

Trade of the day! 11:00 is always the zone to respect.  Morning minor high rejection and VWAP breach leading to triangle action near range lows.

Trade of the Day

Sleeper grinder type a day and just wanted to point out how King VWAP once again printed a nice trade.

A tail and a doji today as the lows were re-tested.

Patterns like this are game for a buy response.

Volatility up a bit.

Balance

Mind bending balance for the entire session at the minor high of yesterday's big swing move higher.

Bias is for higher, but it's summer and a look down into the range would not be a shocker either.

Swing Higher Day

Shocker!

Big green day!

Ultra-mind-bending balance after the morning move up.

We expect the grind to continue higher but would not be surprised with back and fill action.

No Sellers

Morning down thrust, minor low and then inside range balance.

The buyers could not pull off a move out of balance and beyond prior session highs but this type of structure has to be construed at bullish.

We expect a buy response tomorrow.

Lazy Selling Into the Trendline

Been away for awhile.  Hope to update past market action.

What we have today is low confidence selling into the daily trend channel lows.

Do you want to be a hero and fight this scenario?

Probably not.

Hello buy response tomorrow of some sort on tap.

5 minute failed for a buy response at the minor low but the low confidence selling did it's thing for a nifty 11:00 reversal right on tap.