GOOG(L) has been in a strong uptrend for some time and now the stock sits almost exactly at a fulcrum of important resistance at 579. Any further selling will lead to a test of the 567 range and threaten to break the strong up-channel this stock enjoys. I do feel a real break down in this stock can't help pressure the boarder market, including SPY.
This stock has also been a market leader, returning to the loft pre-crash status and helping drive gains in the Nasdaq. Apple has been in a choppy pattern of late after a strong bull up-channel as shown on the chart below. Apple tested resistance at the 50 Day Moving Average today and technically closed below, though 'materially' stopped directly ON resistance. So, as with GOOG(L), any further weakness will threaten to break the bull run of this stock.
The broader market - best measured by following the SPY, has been in a strong uptrend for the last year, holding resistance threats a few times and every time bouncing to new highs. Again, we find, like GOOG(L) and APPL - the SPY is right on resistance and threatening to break the uptrend of the general market. Any further weakness will bring the 200 Day Moving Average into play. If SPY were to break 190, a test of 182 would be the next level to watch.
My opinion is to watch tomorrow and Friday's trading sessions and these stocks at the 3 respective resistance points. I have a feeling that as Google and Apple trade, so will go the SPY.