Greek Tragedy - US employment and the March Balancing of accounts has begun.
As mentioned this past week, it is time to rebalance portfolios and to clean out the positions for a "buy the dip" opportunity into March. For 10 of the past 11 March season's we will see a dip in the S&P500 emini futures the first fill week of the month with a test of support. I put up a chart last week showing the projected move with two major supports.
The point of control for buyers to take back control is 1352.25. There is a chance the buyers will test this area, but if it comes to this price and then closes below the 130 support, sellers could take this o the next move down to 1319 and then test the Psychological "1300" Where the market could see selling pressure really step in. Initial targets on this move is to the supporting trend line in this bullish channel at 1320. A small test with unsupported price would be a signal of possible continuation of the channel. Wednesday could be a very low volume day which could add into the volatility into the close. It is not unusual to see selling pressure into the close approaching big news days. The Greek Tragedy is putting more pressure on the euro and we could see this also taking effect on our markets as the dollar index starts to move up. 
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