Morning Charts 06/25/12 $SPX $ES

Well, another week starts and nothing has changed. Bailouts are all that's left and all bailouts do is worsen the overall situation. Like Denninger says, until governments realize, like the rest of us, that you can't spend more than you take in the situation will never improve. To add to that dilemma, just think about our (or the EU's) debt situation. Just how deep is a $16 trillion (and growing) hole? How do you pay off that debt while still spending more than you receive?

SPX Daily - Crossing that sky blue resistance area is proving to be difficult. The 1260 to 1370 range is very important. Above this range is tough to achieve and hard to hold. Below this range is a bottomless pit. 

SPX 60m - The rising (bearish) wedge busted Friday and the run south may be on. The 1310 to 1300 area will be first support. 60m 200ma has price here after the open this morning.  

Minis 4hr - There is just a massive hole to the 1265 area (just like last time sub 1300. 

Minis 15m - Red support diagonal (off the '07 and '11 tops) is key here at 1305 and then lies 1301 and the round level 1300. You can see the busted blue wedge and green ED support clearly here. This is not good at all. 

As usual, more charts and specific targets and such below in the commentary. 

GL and GB!