In the meanwhile, weekly chart is still perfectly clear and one should keep in mind its strong signals as they have be very useful in the past few years. (WATCH MACD).
Again, one should remind the furious (with big volume) break down of the neckline so widely discussed. With another bearish divergence, oscillator is "leaving" overbought zone after, what looks like, a failed test to previous lows (and supports).
Obviously, get ready for some weird and aggressive "fiscal cliff spikes", but i really think price behavior can and will, give us some clues! Watch 1408.75 and 1422.38 on the upside, expect 1380 or even new lows if markets fail here...
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