Market Analysis - DAX 30 and S&P 500

After yesterday's action I got much more cautious and today proved me right. The DAX 30 closed down nearly 130 points at 7149. The DAX basically held the 7150 level and has the chance to rise to 7400 in the next few days. This scenario is still intact mainly due to a reversal in the after hours. The news out of Europe/Greece lifted the markets up from its lows.
Tomorrow and over the next few days the DAX must not violate today's lows at 7115 otherwise there is downside potential to 7040 and 6990. Resistance is around 7310 and above that 7400.

The S&P 500 looked very weak intraday but after half of the session stocks got some bids. The S&P 500 touched its trendline back from the March 2009 lows and its 200 day moving average and closed at the highs of the day. Overall today's action was very bullish in my opinion and I think the S&P 500 could easily move back up to at least 1320.