Posted Jan 31, 2015 by Martin Armstrong
The Dow on Friday closed closed below a Weekly Bearish Reversal. The main support begins under the market at 16300 level followed by 15961. The potential Waterfall is rather weak. Nonetheless, the oscillators are also turning negative. We still see a correction and basing into May. Keep in mind, that it is unlikely we will see a major crash for foreign capital will be buying the dips. Next week should provide a turning point. Volatility will rise from the week of 02/23 onward. Key support also lies at 16935-16970 level followed by 16680. A daily closing below 16975 should signal pressing a bit lower. Long-term support lies at the 14300 level for the year.