Despite the news coming out of Europe, the SPYs actually traded fairly well yesterday. On the 5-minute chart (top chart) we see a standard "fill the gap" trade; prices gapped lower at the open, but then rallied until about right before, when they started to fall. They found support at the 38.2% Fib level before a quick, pre-close spike. On the daily chart (bottom chart) we see the uptrend is still very much intact.
Considering the news yesterday, we see that prices in the treasury market (top chart) and the dollar (bottom char) spiked upwards.
Yesterday, the euro spike down. But notice that it closed right at short term support a touch about 128.
