The week closes bearish

A pretty bearish week for the US equity indexes, one where a considerable number of key technical levels were broken, not least the sp'500's 200 day MA @ 1380. The Friday close of 1379 was a little bonus to the bears, many of whom are seeking much lower levels in the weeks..and indeed, months ahead.


sp'weekly

sp'daily5f

Summary

Its been a long week - not least with the US election, so I'll keep this short.

Suffice to say, Friday can not be seen as anything other than yet another failed rally. With the weekly and monthly indexes all suggesting underlying momentum is now shifting to the bearish side, I do expect we'll see a further major down wave early next week. My target remains sp'1345/40, and that would make for a very nice exit, before an anticipated bounce back to at least sp'1400.

*later on Saturday, I'll probably post an update on the big monthly US indexes.

Goodnight from London