For the first time since 2013, pebblewriter.com is again offering longer-term memberships.  Just to kick things off, we’ve discounted the rates for the next 24 hours or the first 25 members, whichever comes first.  Details available HERE.

♦  ♦  ♦

If you’re feeling a bit of whiplash, it might be because this is the eleventy-billionth time the Greek crisis has been deemed fixed.  The second of Monday’s targets looks likely to be achieved on the opening this morning.

From the members section in Monday’s post [see:  All That Matters]:

…the charts suggest that the bounce could easily reach 2072 (the red channel midline) or, with a little more effort, 2081 (a backtest of the broken purple channel bottom.)

continued for members…

Note that CL is still easing lower — toying with the white channel midline. And, USDJPY is coming up on a backtest of the broken red channel midline and the SMA10 (123.22.)Each of these suggests a reversal for SPX at the purple channel backtest.  But, of course, an actual (or merely believable) fix to Greece’s woes would mean a much bigger bounce.

UPDATE:  9:42 AM

If SPX breaks through 2082, then the SMA100 at 2096 is the next upside target.  It looks awfully appealing, given that the SMA10 and SMA20 are converging there as well.  Just not so sure that the BOJ could have been sufficiently rattled by the past week or so: an 78-pt (3.6%) drop in SPX and a 990-pt (4.2%) drop in the Nikkei.

Remember, the whole point of the drop is to prompt them to expand QQE — or at least trash the yen a little more — to keep the yen carry trade alive.  We’ll see.  Just be cautious with stops at this point.

UPDATE:  2:55 PM

SPX pushed up slightly over 2082, but backed off rather quickly.

USDJPY nailed the resistance we pinpointed earlier.And, CL gets a gold star for breaking the June lows and pushing through the midline as discussed above.