SPY Charts 5/15 All Eyes on Greece

This seems like a familiar movie we've watched before, Europe in trouble, Greece, Spain, and Italy in the middle of it.  The biggest concern laying at the feet of the market is the Greece problem.  A couple of months ago it seemed that Greece was on somewhat stable footing.  Stable for Greece at least, and then as they tried to form a stable government it blew up in their face.

Greek politicians have not agreed on their coalition government and that is the elephant weighing on the market, Spanish credit concerns are rising and their banks are not in a stable way, to add a cherry on top of that 26 Italian banks were downgraded.  Oh and Europe is in a recession.  See why the market is worried.

The SPY is now in full support break and with concerns growing over Europe again selling pressure is going to increase.  What you can expect is that as we break support we will most likely drop down to support at $130 our next support level.



My personal outlook is that I am exiting bullish positions as they will get sucked down with the market.  I am actively looking for bearish patterns to trade off of.

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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives