MACD continues to show overbought.  Indicators are mixed.  Candles indicate more upside next week.  A close below support indicates change in trend.

MACD -  overbought bearish
8 Period Moving Average -  neutral
Volume -  neutral
Candlestick Pattern -  hammer – bullish
Elliott Wave Count -  wave 1 down
Channels -  bullish
Support -  near  1574
Resistance -  near 1687

Down early in the week.  Recovery late in the week.  Outlook still bearish.  Technicals are mixed.  Need to see more aggressive moves down to confirm, otherwise we are are in for more higher highs as the economy gets increasingly worse.

MACD -  down overbought bearish
8 Period Moving Average -  neutral
Candlestick Pattern -  hammer, bull harami – bullishtrend
Elliott Wave Count -  wave (1) down
Channels -  bullish
Support -  near 1574
Resistance -  near 1687

For the second straight week, the S&P500 closed down.  Over bought indicators are following through as the sell off picks up momentum.  We should see a stronger down week coming if this is the start of cycle wave c down, otherwise we are in for another “buy the dip” scenario.

MACD -  overbought, bearish
8 Period Moving Average -  bearish
Volume -  neutral
Candlestick Pattern -  bearish engulfing (combined candles) – bearish, long upper shadows – bearish
Elliott Wave Count -  start of primary wave 1 down
Channels -  bullish – no support broken
Support -  near 1574
Resistance -  all time high of 1687