The equity bears achieved a very bearish weekly close. We're now just a few percent away from a hit of the lower weekly bollinger band, something we've not done since 2012. Price action is different from 2013, volatility is coming back, just another 3% lower, and there will be clarity for the next few months.
sp'weekly7b - the 'doomer bear' best case
Anyone getting overly hopeful for a bounce next week (and 5/10pts higher on a Monday open doesn't count), should stare at the above chart for a good hour or two this weekend.
Equity bears achieved a VERY important weekly close, with a red candle on the 'rainbow' chart. Further, it was a decisive close below the 10MA.
Next obvious downside target (at least to me) is the lower weekly bollinger, with further support via the rising 50 week MA. Next week looks set to be another one for the bears.
Goodnight from London
*the weekend update will be on the US monthly indexes