No ECB Cuts To Match

Short post. Too much pre-market action. Should be a crazy day. I'll follow up with a big summary post at the close.

Trichet made it abundantly clear that the ECB is still in inflation fighting mode this morning. European equities went into free fall, sucking US equity futures down as well.

Levels that must hold on the S&P500 or all hell will break loose are:
1274 (support)
1265 (yesterday's open)
1255 (yesterday's lock limit down, and the low)
1225 (long run support)

* S&P just dropped to 1274 as I type. Look out below.