The SP500 finished marginally up this week, but this chart doesn’t tell the whole story. The MACD is clearly pointed down – bearish for several weeks to come – as we said last week. We are in the starting gates of primary wave 3 and we should see downside momentum accelerate next week. Panasonic lost about $10B and Sharp may go bankrupt. These are not bullish activities. There are two channel support lines that need to be broken to confirm wave 3 down. Worth noting, the US Dollar was up on the week. Please see our US Dollar charts for more info.