Below are 6-month Daily charts of the SPX, DAX, CAC, and PIIGS countries. You
can see at a glance that the SPX has broken below near-term horizontal support of 1400,
while its European counterparts are either trading at or close to (horizontal) support.
The first graph below
shows that, by percentage, Greece has gained the most compared to these
countries during the past six months. However, the next graph shows that Greece
has lost the most (percentage-wise) during the past one-month period, while the
last graph shows the accelerated comparative percentage loss in Greece during the past week.
No doubt, Greece's recent losses relate to the, as yet, unsettled Greek
aid tranche. Further Troika delay in settling this latest round of Greek
bailouts will likely negatively affect, not only the Greek Index, but also the
others, to produce breaks below their near-term (horizontal) support levels. Once broken, any confidence that may have existed up to this point in these European markets, will be
marred and that much more difficult to be regained.
