With weakness into the Tuesday close, March settled with a bearish MACD cross for the sp'500 (and most other US indexes). Near term momentum now slightly favours the equity bears. First downside target is the 200dma in the sp'2010s, and then weekly support in the mid 1900s.
Little to add.
It has been a mixed opening quarter to 2015.
January was bearish.. and settled at MARCON 6, only to see February with relative hyper-gains.. hitting new historic highs on most indexes..back to MARCON 7.
March has flipped lower.. and we have a moderately bearish MACD cross on most indexes... back to MARCON 6.
All things considered.. the broader trend remains UP.. but there remains a viable intermediate down wave.
Best 'doomer bear' case for the summer is Dow 15k.. along with sp'1700s. For now though, those remain mere 'wistful hopes', as there are a truckload of support levels all the way into the mid sp'1900s.