S&P500 1309 is most important Key level for this week

It was a day of full bad news right from US economy data to rising Spain and Italy yield, but the market survived initial shocks before selling of mid day. Spain was downgraded 3 notches by Moody and Egan jones. Greece are running up on the banks and withdrawing over 1 billion a day. Dow moved up 80 point from its morning lows and then gave up 130 point before rallying 40 point at the close. S&P500 moved up 11 point from its morning lows and then gave up 17 point before rallying 4 point at the close. S&P500 is now at its most important key break point on the downside. If it survives the breakpoint, short  term market is going higher but if it fails it will retest 1298 followed by 1282 resistance.

Ideally based on the chart tomorrow, market should open little higher or flat but close low. Expect volatility to rise. So watchout UVXY, VXX and TVIX. 

For Bullish sentiment to continue: Dow needs to break 12570 while S&P500 needs to break 1318. 

For Bearish sentiment to continue:  Dow needs to break 12472 while S&P500 needs to break 1309

In the chart below Red circle represent Bearish sentiment, Blue Circle represent Bullish sentiment.

Expected market to sell off on rally.

In Forex Currency trading, Eur/Usd closed at 1.256, Usd/Cad closed at 1.029 and Aud/Usd closed at 0.9950 US dollar Currency Index closed at 82.05

CBOE Volatility Index VIX closed up 9.87%% at 24,27

GOLD closed at 1619

SILVER closed at 28.94

Earnings After market Close:SYUT, CPST, AOI, LAKE, HOKUH

Earning Before Market open: JVA, KR, MDCI, NTSC, PIR, SCHS. SFD, WGO

After hours big gainer:CEDC, BPOP, CASY, SIGA, VCLK, BBG, MMR, EXP, TPX

After hours big loser: WLT, DANG, BAC, AMRS, TUDO, BRKR

Stocks for Day trading: UVXY, XIV, SVXY, TVIX, GLD, TZA, FAS, FAZ, GMCR, NOK, PCX, WLT, ACI, HAL, MT, X, FSLR

Stocks for Option Trading: CAT, XOM, SPY, QQQ, IBM, PCLN, AAPl, WLT, PCX, GOOG, MT.

Economic calendar:

IME (ET)	REPORT	PERIOD	ACTUAL	FORECAST	PREVIOUS

8:30 am	Weekly jobless claims	6-9		376,000	377,000
8:30 am	Consumer price index	May		-0.2%	0.0%
8:30 am	Core CPI	May		0.2%	0.2%
8:30 am	Current account deficit	1Q		--	-$124 bln

Watch out movement in GLD, AGQ, ZSL, SLV on CPI result

If possible avoid this market till Greece election and FOMC meeting are over. 

Goodluck !