Here is what I am watching in US broad equities in the May option expiration. There is support for the SP around 1321-1324. If it breaks that and sticks the close there might be something to this, moreso than the usual option wash and rinse.
On the NDX chart the intermediate uptrend is more pronounced with strong support at 2330.
Update at 11:10 - FITCH DOWNGRADES GREECE TO 'B+'; RATING WATCH NEGATIVE
Fitch has downgraded Greek debt, which has caused a flight to safety in the dollar and precious metals.
