Downside momentum building

A new month has begun with further dynamic swings in the US equity indexes. With January closing with a bearish MACD cross... February is seeing underlying price momentum increasingly swinging in favour of the equity bears.

sp'monthly'9

Summary

Little to add.

What is important... unlike October.. the bears finally managed a bearish monthly close for January.

If Feb' can close at least a little lower, it'd make for the third consecutive monthly decline... and would be highly suggestive of a much bigger move to the low sp'1700s.

First things first though... lets see if the bears can hit 1920/00 within the next 9 trading days. It won't be easy, but then... when the 200dma was lost in early October... things unravelled rather fast.