Resistance reached?

Another gap up (no surprise, getting used to it ;-)) this morning. After a small pullback, we soon rose to 126.50 in SPY. This level was big support mid-June and, after this weeks huge run, could now become resistance. Anyway, we reversed after touching 126.50. Yesterday's high stopped the fall for a while and then the afternoon highs were next to hold as support.

What followed was a slow grind up, which started looking more and more like a bearflag. And indeed, when the flag broke, down we went again. But this time it was a slow grind for most of the day. Just before the close however, selling accelerated. We closed at the lows, quite a bearish candle on the daily chart, but on low volume.

5m-chart SPY:

Daily charts DIA, QQQ and SMH:

Gold, silver not moving much and oil was up almost 1% to 101. Copper was outperforming, up about 2% at lunchtime and holding most of those gains into the close.
The euro on the other hand dropped quite a bit. Maybe that had something to do with the rumors that saving the euro(zone) would only be possible by printing money (remember QE and QE2, anyone?)

An interesting read to close of the week. Have a great weekend!