Spain has been getting a lot of attention from traders in the last week or two - and not the good kind. Ballooning borrowing costs for Spanish sovereign debt is being blamed for dragging down equity prices in the eurozone, and in turn here at home. Spanish stocks, and ETFs like the iShares MSCI Spain ETF ( EWP) are getting stomped as a result. Here's what's going on in EWP right now. Shares of the Spanish exchange traded fund have fallen through two key support levels since the start of April, the first just below $29 and the more recent at $27.50. Missing those support levels tells us that EWP (and its underlying stocks) aren't able to catch a bid at prices that have historically acted as price "floors" for shares; in other words, the pockets of demand at those two levels evaporated when Spain started floundering again. Last week's pullback looked at first glance like a bullish sign, but in reality, it just reaffirmed newfound resistance at $27.50 and gave short sellers a new low-risk entry point to bet against Spanish equities. EWP is in freefall right now -- now is still a good opportunity for shorting if traders are willing to take on the headline risk of Spain. Otherwise, it makes sense to stay away from this fund for now.