Technical Picture - Waiting for a Lower Low

Bearish trend intact, awaiting a bad bank stimulus plan. A well thought out plan could take weeks or months to develop, at which point we should get a technical bounce. In the meantime, we are likely to retest the November lows.

On the weekly chart, the bearish trend is intact until we can take out the initial reaction high from the lowest low (January high). If we breach the Nov. lows just slightly, that scenario is still valid, but if we make a much sharper low, then we start all over again.