The Market Trend Model (http://bitly.com/M_Trend_Model) continues to show a negative bias as the S&P 500 continued its decline and ended the week below its 10-week moving average with expanding weekly volume. Both the Nasdaq and the Nasdaq-100 also continued their respective declines, but both managed to remain marginally above their respective 10-week moving averages. And just to keep things interesting, the Russell 2000 bounced off of its 10-week moving average with expanding weekly volume and this index actually ended the week with a +1.19% gain.
Despite what looks to have been a wretched week for stocks on the daily charts, the weekly charts suggest an ongoing constructive retracement of the massive February stock market gains. Whether the dip buyers will prevail again or the QE Infinity fumes have finally evaporated should likely be apparent in short order.
At the moment it would seem the market is poised for one giant leap...it remains to be seen whether stocks leap into the abyss of a true market correction or they attempt another parabolic move upward.