The Market Trend Model (http://bitly.com/M_Trend_Model) continues to show a negative bias as the prior week's selling intensified when the major market indices were unable to reclaim their respective 10-week moving averages.
Next week all eyes will be on the European Central Bank when it meets on Thursday to set its monetary policy. It is widely anticipated the ECB will announce some form of Quantitative Easing. At the very least, the end of week market action should be quite explosive no matter what the ECB announces (http://ow.ly/HteoC).
At the moment patience is warranted to see how the market reacts to central bank actions at the end of the week.