I am going to leave the comment below in it's entirety---it is funny how hours after I caleld the Euro "out of the bag", that Greek debt get downgraded to junk and a massive selloff occurs. The timing is incredible, tin-foil hat type incredible.
There is occasionally some throw over even beyond the yellow outer 133 channel line.
But this is "too much" IMHO.
So now only 2 option for the bearish position:
1) We bounced down from strong support at around 2279 on the Nas, 1106 on the SPX, 10330 on the Dow. All with hammer candles.
1a) This is the longest shot--because the Euro and the SPX have been joined at the hip for so long. Is that these would now decouple.
or --much more likely--
2) Euro will drive the SPX higher, pick your percent, pick a Fib, could be large.
That said, a number of intermediate indicators ought to be reversed to be bullish by an increasing overall market. But all the other indicators and custom charts, and ratio charts say that this market is a crispy critter.
