The obligatory end of month/quarter rally was able to muster only a lower high, and that spells continued trouble for the indices.
Of major concern is the fact that money flow is once again forming negative divergence with price:
The weekly chart points to downside targets similar to the ones outlined in last week's article using a different technique:
Adding to the worries is the fact that the Q's broke down out of their bear flag as well:
And the monthly picture looks equally uninspiring:
I'll conclude with the weekly channel chart which clearly shows the state of the trend for the SPX, and support/resistance levels for the weeks ahead:
In fact, this is the chart that served as a prototype for my OddsTrader app, which is available in the Apple store now. It delivers instant daily and weekly channel and trend analysis, in addition to several other financial statistics for any stock, index or mutual fund.
In other words, if you want to know if the odds are stacked in your favor, check OddsTrader now.