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[/caption] Looking at support for 1142.25 with a possible retracement to 1155.50 Quite a bit of momentum behind this move with no let up from the Greek debacle. Dollar strength is also contributing to this. This move down is also going to get increased selling to move into treasuries. Watch out if you are a dip buyer, this looks like it could be the turn. Probably get a retrace when the Eurozone calms a bit. 
[/caption] First level of support on weekly from here is 1.2467 Next level 1.2324 third level 1.1968 Extreme Low for support 1.1649 The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2805 level and was capped around the $1.2995 level. The common currency reached its lowest level since March 2009 as sovereign credit concerns worsened in the eurozone and the threat of contagion to other major industrialized countries worsened. Germany and France are offering the most financial assistance to Greece as part of a multilateral bailout plan that includes the eurozone and the International Monetary Fund. The European Central Bank this week decided to allow Greek debt for repo-eligible collateral despite the fact that it has been downgraded to junk status. The ECB will announce its interest rate decision and is expected to keep all options open but not reduce its headline main refinancing rate target. ECB member Weber highlighted the risk of "contagion effects" from the Greek crisis. The risk of contagion has certainly heightened as Moody's reported it placed Portugal's Aa2 government bond rating on review for a possible downgrade, a move that would likely happen in the next three months. Data released in the eurozone today saw EMU-16 April PMI services improve to 55.6 fr [...] 
[/caption] as mentioned yesterday looking for the close around the 1198 to 1200. May 4 S&P500 day trading could be support around the 1188.25 area. Resistance into 1202.50 to 1208 area. 1208.75 is where price can break free for a move up. Most likely will stay consolidated if it breaks through 1202.50. Point of Control is 1197.50 for Tuesday. Expecting the S&P500 to close at yesterdays opening levels to maybe signal the second part of the move down. Problem again of low volume and the market floats up on low volume. If we get some selling pressure we could see 1179.75 showing some cracks in the support for possible future sell off. 
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