Because it's all about French bond yields this morning here's a chart of the French 10 year bond yield. You can see the trendline in place…so after some further consolidation here it might be possible for yields to break higher (prices lower). That would likely come with a deepening of the crisis in Europe.
Here's a chart of the 10 year USD swaps…what they indicate is the borrowing cost for your typical AA credit borrower. The yield just broke a support line, which is supporting weak growth signals coming from other charts we mentioned yesterday.
Here's the chart of the S&P 500 again with the 50% retracement support line at 1183. There's a decent likelyhood it holds for a bounce…if it doesn't next level to look for is near 1157.