Morning Chartapalooza - 05/14/02 #SPX /ES

This is all you need to know and what you need to look out for - this is it - Greece Virtually Out Of Cash One Day Before Critical Bond Maturity | ZeroHedge. I was telling you about this last week and how this is not a domestic bond issue that can be papered over, but an international issue where default could send real shockwaves. The minis just cracked key support and are literally hanging on a cliff right now.

SPX Daily - With the 10yr going sub 1.79 that's not good. Two options on this chart - 1)either the red neckline was it and were about to hit my second target of 1300 to 1295 or they are going for one final push. They always seem to get these at their darkest hours.

Does this chart say there is one last stick save in their bag? The BTFD chart that I have been showing as not ready to turn quite yet (it should give a signal this morning) and is diverging strongly should give caution to those overly bearish right now. I said caution.

Monthly Cycle Chart - You tell me - what does this look like? Nasty is the most operative word I can come up with.

Minis 30m - Sorry, but I am struggling to find any sort of relevant form here as support is broken and a lower low is set. 1333 is my next support level. As you know I post charts below with intraday patterns and other important points. As things develop and sort themselves out I will present what I find below.

Minis 5m - Possible wedge scenario.

So here we are at another one of those Fed/ECB/IMF moments where the Troika usually pulls something out of their backside. Can they do it again? I expect rumors to start flying and for the PPT to do their best to not let this get away from them. With the EU markets all down close to 2% the US should follow suit. Could be a nasty day.

GL and GB!