Technical Assessment: Bearish in the Intermediate-Term

Summary

Last week was the second consecutive bad week for stocks, the third good week for gold, and the second strong week for Bitcoin. The S&P 500 (SPX) lost 2.5%, the Nasdaq and the Nasdaq 100 (QQQ) fell 2.6%, the S&P MidCap 400 (MDY) declined 2.8%, and the Russell 2000 (IWM) was off 2.5%. Over the past two weeks, the five indices have fallen between 4.7% and 5.7%. Over the past 13 weeks, the SPX and Nasdaq have fallen in nine weeks, the QQQs eight, the MDY 10, and the IWM 11. Over the past 13 weeks, the SPX and QQQs are down 10%, the Nasdaq is off 12%, the MDY has dropped 14%, and the IWM has given up 17%.