CMF(w) - Muni's in focus?

"Jefferson County, Ala., took a big step toward resolving its historic bankruptcy case .." reports NY Times (dealbook.nytimes.com/2013/06/04/a-county-in-alabama-strikes-a-bankruptcy-deal/?hp) thought i'd take a look at CMF iShares S&P California Municipal ETF, doesn't look so good. Broke support on the weekly chart and doesn't look so good. Wondering if it takes SPY down with it.