Another major bear signal appeared in the DOW chart today making its directional momentum now 100% bearish. (The S&P 500 and NASDAQ indices remain mixed bullish and bearish - for now). Cycle analysis is now pointing to further downside into mid-July.
Today Greek Prime Minister Alexis Tsipras submitted a request to Greece's creditors for a third bailout, but German Chancellor Angela Merkel stated that another bailout would not be discussed until after Sunday's referendum when Greek voters will decide on whether or not they will accept the austerity measures of eurozone's finance ministers. It appears that this Greek debt crisis could drag out a bit longer.
Based on the above, I am going to enter a short position in the broad stock market now with a stop loss on a close above 17,700 in the DOW. That breached support level will now offer some resistance to any recovery rally.