What happens now? Can support hold or will the 200 DMA give way? Will the breech of the 200 DMA be significant or just a blip as it was last October? My sense is this Greece news will fade once it breaks one way or the other. It will not have a material impact on the fundamentals of the market in the short term. However, that doesn't mean it can't begin to change market momentum. Can this bull market finally be in trouble?
Could a short term market top be in or will the bull remain in control? Is this yet another in a long line of 'Buy the Dip' sell days?
Watch the market this week. Keep an eye on that 200 DMA for SPY.