The week begins with a BANG

At a crossroads now, looks like the bears have started the week in force..
BUT  ...it needs to follow through for the bear scenario to play out

Dow at a key level, above could be very bullish and below very bearish
weekly chart shows that now breaking below the trend line again - this tome could be decisive -despite it being a holiday week in the US (Thanksgiving).

in favour of the BULL

seasonality (Santa Claus rally)
still above trend line despite the brief break below


in favour of the BEARS

break below trend line - warning signal
negative divergence on longer term charts
all the talk on financial media is of "buy the dip" - especially CNBC and ironically the "Santa" rally
The reasons for the fall in October are still there:

1. rising rates
2. Future outlook for major companies uncertain
3. trade wear worries
4. European markets have been relatively weak

If follow through to the downside this week then the first test will be the October low;  At present it looks like the DOW could get to 23500-minimum - can change depending on the near term behaviour.

NASDAQ monthly
some perspective...
"What goes up must come down " - the question is "HOW far?"