MM Weekly Outlook: Crisis Approaching

Dr. Cari Bourette By

While both the daily and weekly charts (below) would accommodate a sharp market drop towards 5700 SPX, there is nothing specifically saying that is likely to happen immediately.  There is no MMI daily directional call for the weekend (Monday RTH open), although weekend sentiment appears to be turbulent. Preliminary MMI for Monday itself is up (above open).

Looking at sentiment on the weekly chart, the coming week could be systemically destabilizing, especially around Feb. 3-10.  The pattern there (Controlled/Manic prominent) tends to go with the perception of deteriorating conditions, crises and disasters.
Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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