Next Week: Completing a Pattern

The weekly chart is looking somewhat more bearish than it had been, pointing down for the next few weeks following this week's bounce.  Next week's mood pattern implies completion.  Because this week was so confusing with large directional swings both ways, it's not clear if that would be a completion of the rally or the selloff.  Regardless, something new, and possibly less bearish (or even bullish) could begin the week after next if next week is about finishing up the selloff.  The weekly trend remains bearish unless it closes above 2550 SPX today.  The weekly MM MACD will stay at sell unless the market closes today above 2580 SPX.  FYI- The daily Long Term Trend Indicator requires a close above 2706 today to turn neutral from bearish.

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."