The largest one week decline since early May and the breaking of numerous important trendlines has shifted the odds in favor of the bearish camp. While near term technicals provide good cause for an early week bounce, last week's change in character suggests that rallies should be used to lighten long positions (or initiate shorts) as opposed to the previous norm of buying dips. The list of indicators I have been using to confirm this move is not yet complete as a few indicators have yet to provide a sell signal. There still remain a few holdouts but at this time the evidence continues to mount for the bearish case. In regards to the SPX, a significant push below the October 2nd lows (1019) subsequently followed by a break of the September lows (991) would satisfy these requirements and move ALL the indicators to a SELL signal.  We will be examining closely the nature of any bounce/rally attempt should one unfold early next week for potential tops (lower highs) to form.