Friday 17th of June

More bad news out of Greece and potential downgrade of Italy saw the market sell off into the close once more on Friday. It was not as bearish as previous days sell off and I reckon the low from Thursday is a possible short term low (1252.25). To confirm we need to close above 1275 in the next few sessions. We have a gap up at 1277.50 that I am looking for to get filled the next few sessions. However it still looks like the market is pretty short and willing to sell rallies, which opens for a short squeeze of course, but also more pressure on rallies. Meaning it could be tough to see any larger rally near term. At least until the Greece situation is solved.