A bearish weekly close is always a matter of concern. Shows the bears are in control. Luckily last week's bounce was off a level of interest but the bearish signal would continue below that level and would accelerate if we closed below it. There haven't been many weeks out of the last 20 years where the SPX traded below the weekly 200 moving average. So it is a line in the sand for a lot of long-term investors.
