SP500 Weekly Closes Up This Week, But Next Week Could Get A Lot Worse

S&P500 Weekly -

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.

Click on chart to enlarge SP500 Weekly Closes Up This Week, But Next Week Could Get A Lot Worse