IWM, weekly, 2yr (representing Rus'2000 small cap)
We have a clear break of the October channel. Next key level would be 76
The MACD (blue bar histogram) cycle will go negative cycle at the open on Monday morning, triggering a serious sell signal to those algo-bots.
Dow, weekly
The Dow is looking very negative, and will probably go negative cycle either later this coming week, or week after. Next primary support is around 12400/200, a good 450/650pts lower.
NYSE Comp, weekly
The NYSE comp' will probably go negative cycle at the open on Monday, we have a clear rollover in progress, and last weeks candle was a very serious break lower from the October up trend. The next support level is 7800.
SP, weekly
Sp' is surprisingly still within its October channel, only a move under 1350 this coming week will conclusively break the 7 month rally. MACD cycle is still around a week from going negative cycle.
*note the 50 week MA at 1278, that would be a good snap-level support if the market unravels below sp'1340 in the coming week or two.
Transports, weekly
Transports remain the weakest index I follow. Trans' has never exceeded the May'2011 high, and we've been essentially flat lining since the start of the year. I suppose its possible we are forming a bullish pennant, but the Trans looks especially weak, with near term downside in the 5100/5000 level.
*interestingly, Transport is already officially negative cycle on the MACD, with a clear rollover on the Full stochastic indicator.
NASDAQ Composite, weekly
Tech' has without question been the strongest sector for a very long time, and despite this past week, we are not even close to breaking the October upward channel. Next downside level would be around 2950/2900 - which would equate to sp'1340 or so. Tech' sector is at least 2 weeks away from going negative cycle.
Summary
From a weekly cycle point of view, this is a pretty bearish near term outlook. There is a very clear 3% lower available on all indexes, which would take the SP' from 1370 to around 1340 this coming week. At that point, there would be high likelihood of a bounce.
*This Monday morning, some of the weekly cycles will officially go negative cycle, and that will doubtless trigger sell signals. The Bears have a real opportunity to gap the market lower at the Monday open, and keep trending down - first target would be sp'1340.
That last hour of Friday trading really messed up the chances for the Bulls. If indeed the two day bounce was a minor'2 up-wave, then we are now in a minor'3 down-wave - which would take us to at least sp'1340 within the next trading day or two.
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I will look at the monthly cycles this Sunday.
Goodnight