Weekly charts remain bearish

The weekly index charts closed outright bearish for a second consecutive week - the first time since Nov' 2012. The fact that January closed with net monthly declines, is a mere added bonus to those holding on the short side across the weekend.


sp'weekly7b - HS, bearish outlook

Dow, weekly

Summary

*I should note, when I say 'outright bearish', I am deeming it, in terms of two red candles on the 'rainbow' (elder impulse) weekly index charts.
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I do think two red candles merit some serious consideration by those still looking for one final wave higher into March/April. It will of course be imperative for the equity bears to break <1767 next week, otherwise, there remains the chance of a renewed push into the low 1800s...and beyond.

Goodnight from London
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The weekend post, will be on the World monthly indexes