All eyes are on Greece as the country failed to make their IMF debt payment and capital controls begin to bite Greek citizens. Yesterday, Greek Prime Minister Alexis Tsipras pulled another stunt as he sent new proposals in a letter to the EU, IMF and ECB. At the same time, Mr. Tsipras continues to grandstand on Greek TV, telling the Greek people that the eurozone partners are blackmailing Greece and to vote “No” on the bailout deal referendum on July 5. Sounds very confusing, doesn't it?

Dutch Finance Minister Jeroen Dijsselbloem, head of the eurogroup finance ministers, came out several hours ago and said that the eurogroup rejected Greece's last ditch proposals. Germany said that talks with Greece will not be possible until after the referendum called by Mr. Tsipras for Sunday. The German Bundestag will be closed on Friday anyway, as it is summer time in Europe. 

The Greek people are now stuck. Even if the Greeks decide to vote "yes", meaning to stay in the eurozone, the ordeal will not be over soon as liquidity is freezing up. The forex market, which was betting on a Greek exit, seems now to be wobbly. The global equity markets might be ahead of themselves after the news broke about Mr. Tsipras’s latest, last ditch proposals. After Mr. Tsipras botched the debt deal negotiations with the creditors and defaulted on the IMF payment, I stopped guessing what Greece would do next as I will forever be wrong.

From our technical viewpoint, the SET has been moving in a symmetrical triangle since February or March as the SET is now bouncing along the lower trendline support. The SET is stuck at the 1,500 level, but the market will have to decide soon in what direction it will move next. In the event of a symmetrical triangle breakdown, the supports are at 1,375.99, 1,307 and 1,110. If the SET breaks out to the upside, the head resistances are 1,649.77 and 1,674.

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