After a number of brief bearish teases since last October, the equity bears have finally achieved the first bearish monthly close on the sp'500 since Jan'2012, resulting in MARCON 6. Outlook in the immediate term is now bearish, with the door opening to the sp'1920/00 zone by mid February.
sp'monthly9 - MARCON status
It has been THREE full years of waiting.. and finally, the equity bears have achieved a bearish monthly cross on the sp'500.
Certainly, the primary up trend is STILL intact, but the January close was particularly weak.
Next support is the double micro floor of 1988.... after that... 1973/75 - where the 200dma is lurking. Any daily closes under there.. will open up the 1920/00 zone by mid February. The latter would likely equate to VIX in the mid/upper 30s.