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Video: US Equities Slip Below Symbolic Support, Euro and Dollar Stir

Video: US Equities Slip Below Symbolic Support, Euro and Dollar Stir

Talking Points:

• The market's focus on Greece has dimmed as risk trends have taken a more prominent place in our fears

• Selling in Chinese and European markets has finally pulled the S&P 500 below its 200-day moving average

• Greece concerns have stalled the Euro, Fed forecasts have returned for USD and the Pound is dropping

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Volatility has returned and the threat of a more systemic deleveraging trend haunts traders. With China and Greece generating specific concerns, we are starting to see evidence of a more wide-spread sense of uncertainty. With enough fear, we can see a move into full-spectrum risk aversion. A long-overdue cleansing already has the masses posing with a skeptical bearing, but deleveraging requires capitulation. The S&P 500's first close below its 200-day moving average in 178 trading days is the next step in this shift. However, that doesn't make fear an overwhelming sentiment. Elsewhere, we have the Euro still frozen by Greece fears with officials talking definitively about deadlines. The US Dollar has rate expectations stirred by FOMC minutes. And the Pound has dropped sharply on limited 'news'. We cover these big and small trends in today's Trading Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.