S&P tests its 200 Days MA Support

DJ Resistance:  18,351     All-time high
                           18,206     Breakout
                           18,104     2014 high
                           17,750
                           17,685     200 Days moving average

DJ Support:      17,579      Strong March low, low boundary range
                           16,990-17,050     Very strong

Technical Analysis:
Three indexes have plunged to important supports. S&P has tested 200 days moving average support and is trying to bounce up. DJIA is in a worst backdrop, it has broken its 200 days moving average and is testing the low boundary of the trading range DJ17,579 (4 months low and March low) - 18,351.
This support has worked well and if DJIA breaks up over DJ17,685 (200 days moving average) and DJ17,050 (almost 10 weeks low) we could comment about a stabilization after this plunge.
DJIA is still in the trading range which continues in bullish bias. If the DJ17,579 is broken to the downside we have to put the alert flag because technically it could be a correction time. This support is strong should draw buyers. Pay attention on it.

Please, click over the chart to enlarge it.

Fundamentals:
Grexit weigh in the market although the positive economic news and the next second trimester of earnings season.
Greece is a problem for the European Union. Its default, if it is going to be set aside of EU, if they are going to continue in the Eurozone with the Euro, etc. could affect the financial market in EU. But there is not a direct implications with the U.S.A. economy and corporate earnings then should not be a negative effect on stock market prices. The real problem is how the EU is going to deal if Greece is going to be set aside. The Greeks want to stay in Europe and after the referendum on July 5th. The uncertainty is going to fade.
We could talk long time about implications and solutions for the Greeks and impacts in the U.S.A. stock market but for the moment it is better to wait to the referendum and see what happens.
Dear traders and investors, DJIA, S&P, and NASDAQ COMPOSITE have retraced and are testing strong and important supports, we can get great surprises and I do not rule out to take long positions in these levels. A lot of specialist are changing their minds to the bearish side, it is risky to increase the long positions with Grexit in front of us but I think that the DJIA is going to bounce up to the upper boundary at least once more. High volatility for these days and I expect more sideways trading.

Good luck, viel Glueck, buona fortuna, buena suerte, bonne chance!
Ulises