Help with homology axioms I am currently interested in the calculation $H_1(S^2-I)$ where $I$ is an interval  embedded in the unit sphere. 
The answer should be 0, and Hatcher proves it in his book in the sections "Classical Computations" at the end of chapter two. The main idea is to bisect $I$ into two intervals $I_+$ and $I_-$ and use mayer vietoris for the sets $A=S^2-I_+$ and $B=S^2-I_-$. As part of this sequence there will be a map $H_1(S^2-I)\to H_1(A)\oplus H_1(B)$ induced by the inclusion. Now the idea is to say that if $x\in H_1(S^2-I)$ is not zero, then a representative of x is not a boundary in either $A$ or $B$ and then repeat the argument, culminating in the fact that we will get a nested sequence of intervals intersecting in one point. 
See proposition 2B.1 in Hatcher's "algebraic topology"
My question is - how can one translate this proof to axiomatic homology theory (without using singular homology). I had heard that something like a "colimit axiom" can help with this, but I can't find a suitable reference. 
Thank you very much in advance! 
 A: It sounds to me like you are saying: given an arc $I$ with $H_1(S^2 - I) \neq 0$, you may find an infinite sequence of arcs $I_k \subset I_{k+1} \subset \cdots $ with $I = I_0$, and $\bigcap I_k = \{pt\}$, with a class $x_0 \in H_1(S^2 - I_0)$ so that $H_1(S^2 - I_k) \to H_1(S^2 - I_{k+1})$ sends $x_k$ injectively to some class $x_{k+1}$. 
A fact about singular homology is that if you have an increasing sequence $U_i$ of open sets of a space $X$, so that $\overline U_i \subset U_{i+1}$, then $H_*(\bigcup U_i) = \text{colim} H_*(U_i)$; see prop 3.33 of Hatcher. This is certainly true in our situation above, and identifies $$H_1 \Bbb R^2 = H_1(S^2 \setminus \{pt\}) = \text{colim} H_1(S^2 - I_k),$$ 
but we have seen above that the class $x_0$ does not die in any $H_1(S^2 - I_k)$, and hence does not die in the colimit.
Now you'd like to understand how to discuss the direct limit axiom; see this excellent MO thread. In particular, you simply need to know that your homology theory preserves infinite wedge products.
A: This is not really an answer to your question concerning the axioms of a homology theory, but it shows that $H_1(S^2 \setminus I) = 0$ for any ordinary homology theory.
The reason is that $S^2 \setminus I$ is contractible. This follows from Lukas Geyer's answer to Connected Partitions of Spheres. We conclude that $S^2 \setminus I$ is simply connected. Now apply the Riemann mapping theorem.
