A major weekly victory for the bears

Despite some early gains in the week to sp'1984, the market unravelled, with a very significant decline to 1916. A great deal of technical damage has been done, and with the monthly cycles offering a rollover, equity bears have a real chance of much lower levels.


sp'weekly7 - bearish outlook

Dow, weekly

Summary

*the sp'weekly7 chart is the most bearish scenario in my view.

What is absolutely clear, a break <1900..and more specifically, 1897 - the late March high, would be HIGHLY suggestive that 1991 was a key mid term high..and one which won't be broken for many months.
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With the break <1960, there are now a great many more outlooks. The good thing, the levels are pretty clear.

If >1970.... short side trades are again off the menu, otherwise... seeking a break <1900.
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Goodnight from London
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*the weekend update will on the World monthly indexes