Recently, the media is discussing the Repo Market Decline, as one of the consequences of the Fed's plan to slow QE this year. It's a serious issue, mainly for banks because it will have an impact on their profits during the next two quarters. But it's not clear yet how big is the impact and how will the other sectors react to it. At the moment, it's pressuring the $BAC and the $SPY.
$SPY: The fall of $GOOG last week had the biggest impact on the index, pushing it to test the long-term support at the 1652 level, which is considered the 38.2% Fibonacci level at the same time. The short-term descending course is still intact and it's not clear yet where is it bottoming but the index is still at risk of testing lower figures, close to the 1630 level. See the .......... - See more at: http://sptinvestors.com/Short-term-trend-update-Aug-19th-SPY-GOOG-BAC-AAPL#sthash.XjtoDeC9.dpuf