Tuesday around noon, the support level of the recently formed down trend channel for the SPX was broken, on the daily, hourly and 10 minute charts.  The decline has accelerated and at 1:00pm the Dow was now 200.

Lots of concern in Europe re: the Irish banking crises.  The European bankers want Ireland to accept additional bail out money, of course to protect the big European banks from taking a big hit if Ireland defaults.  But it is not yet clear that Ireland is willing to take on additional debt.  I guess the Irish have been paying attention to events in Iceland and are not certain they want to take the European Central banks want them take.

Bill