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CMF(w) - Muni's in focus?

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iShares California Muni Bond ETF (BATS:CMF)  
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BATS:CMF   iShares California Muni Bond ETF
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"Jefferson County, Ala., took a big step toward resolving its historic bankruptcy case .." reports NY Times (dealbook.nytime...ankruptcy-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.
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