SP500 weekly finished marginally up this week.   The flow of bad news continues, but at a slowing pace, to pour out of Europe and Washington.  Extreme optimism is usually dominant at or near market tops.  The MACD remains pointed down – bearish for several weeks to come as we mentioned before.  We continue down the road of primary wave 3 down.  There are two channel support lines that need to be broken to confirm wave 3 down – one down, one yet still remaining.  As well, the 8 period moving average remains pointed down – bearish.  We should see a turn back down going into the end of the year.  A bigger drop should occur in January.  We are keeping an eye out on the October 2007 formation for “fractal similarities”.