Monday -- Merkel, Tsipras, Euro, DAX, Patience

ES Futures:
Down slightly after a rather solid week. No harm there.

News:
Nothing really on my radar today. Merkel meets with Tsipras later. Maybe some fireworks, maybe not.

FX:
Euro is bid (with DAX down rather hard). Yen and USD charts look virtually identical over the last two weeks.

Treasuries:
Price continues to cooperate, even if volume doesn't.

Energy:
Crude still hunts lower, though 47.80 remains key level above which it could rally well into the 50s. NG looking iffy still.

Metals:
Hearing calls for $2000 gold is humorous with it trading heavy below 1200 after a big "rally" last week.

Special Situations:
Biotech. Resisting calls for a top, yet probably closing in on one in the next few months. Like most other high flyers, including the S&P, probably not finished yet. But deserves watching.

S&P Outlook:
No sooner did I post a weekly A/D chart on Friday than the market made a mockery of it. One more subtle indication that the current up leg is a "3" rather than a more bearish "5."

Patience is required. Letting the pattern develop until proven wrong is the name of the game here. Below 2060 would be the first danger tell.