Huge Reversal At Resistance

Futures traded higher about 1.5% on news that Europe would try to save Spanish banks with €100 billion. The gains started to fall back a bit in premarket, but really vanished during the session. The indices actually opened the session right at big resistance levels, only to go lower from there (see daily charts).

The Friday high initially held as support, but gave way in the afternoon for lower prices. Tech and small caps traded 1.5-2% in the red. The Dow and S&P500 followed closely but kept losses just over -1%.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals performed well today, even with most other trading vehicles going lower.
The euro and oil had a huge opening gap to the upside (just like equities). The euro went from up more than 1% to just under breakeven. But the biggest pain was for oil bulls, from up about 2.5% to down 3%!!