S&P 500 (intraday)

Solid resistance zones are shaping up on the ES 15M chart.  There is a potential butterfly sell set-up around 1191-1192; a solid fib cluster of resistance ~ 1194.25-1195.50;  and an even stronger fib cluster of resistance ~ 1196.75-1198.50. 

Market is in a bullish mode on weekly charts, but consolidation on daily charts.  It's a battle of bulls and bears right now to new short term direction.  Today could be a good indicator on who will gain control.  So far the bears are setting a strong defense from 1191-1198.  Let's see what happens.  News out @ 9am cst.

S&P 500

Alot will depend on how the market reacts to the Greek situation this weekend, but as of Friday's close it looks like we may finally get a correction.  First, price ran into resistance at a solid fib cluster.  Second, this cluster got confirmation from MACD and RSI indicators.  Third, we got some bearish candlestick patterns form up in the zone (harami, engulfing).  Finally, we have a potential H&S top forming.  The strong bullish rally of the past couple months made the high tough to pinpoint.  The market needed to shake off the bullish energy by grinding sideways the past couple weeks.  We did get a chance to get short on the harami pattern last week.  All depends on how we react to the Greek news, but if we continue to sell off then I see a potential support zone shaping up around 1143-1149.

EURO (UPDATE)

Resistance zone 1 caused a nice downward move (88 ticks).  The higher resistance areas may still in play depending on what happens overnight.  Also, it will be interesting to see what the Euro does as it opens up tonight with the Greek meeting over the weekend.

 

YEN and EURO support/resistance zones

We have a few important economic reports out this morning so these zones may zone quickly.

YEN:
There are currently 3 possible major support zones seen on 60M chart.  The dominant structure has a supershallow retracement, which is bearish.  However, the skewing is strongly to the left which signals weak momentum.  You may see decent bounces in these support zones, but the overall trend is still down.  Don't overstay your welcome if going long.

EURO:
There are 3 possible resistance zones shaping up on the 60M chart.  The dominant structure has supershallow retracement, which signals bullish strength.  If long, these can be good areas to take profits.  The market is currently near the first resistance area.  I don't expect much of a reaction, but news is pending.   Resistance 3 is the strongest zone and will be tough to break without a decent correction.

YEN (UPDATE)

Well, we got a small bounce off Buy Zone 1 (38 ticks) and then another bounce off Buy Zone 2 (45 ticks as of this posting).  I would move my stop to tick below low of the day @ 1.0604 and see if you can get a nice move up.  Initial target can be based on fib retracements combined with fib extensions.  I would set Target 1 ~ 1.0670 and Target 2 ~ 1.0690 and let any remaining contracts ride with trailing stop.

SUGAR

There's a possible Buy set-up in July Sugar seen on a 60M chart.  First, on a weekly chart you have the 78.60 retracement level ~ 14.70.  This can be a very powerful retracement zone.  To further support this area you have solid fib support seen on a 60M chart all the way down to a 5M chart. 
Buy Zone 1 ~ 14.60-14.80
Buy Zone 2 ~ 14.40-14.55
Buy Zone 3 ~ 14.00-14.20

One of these areas may produce a major bottom in Sugar.  Buy Zone 1 contains the 78.60% weekly retracement level so let's watch this zone closely.

YEN

Possible Buy set-up in the YEN on a 15M chart. 
Buy Zone 1 ~ 1.0615-1.0620
Buy Zone 2 ~ 1.0598-1.0605
These zones have solid clusters of fib support.  Also, the two main measured moves both have deep retracements, which signals a potentially weak downtrend with a good chance of a big bounce.