“Six-one going down, Six-one going down. Hold on!”

https://www.zerohedge.com/markets/sp-500-futures-had-bad-week-worse-lies-ahead

S&P 500 Futures Had a Bad Week, Worse Lies Ahead

By Mark Cranfield, Bloomberg Markets Live commentator and analyst

S&P 500 futures have a distinctly bearish tone after a week of whiplash trading, which began with the post-Thanksgiving Day meltdown.

Though it hasn’t been a one-way street lower, intraday bounces for the contract have been fading at lower peaks.

That is a clear enough signal for short-term traders to see if they are positioned for a declining asset.

And even though non-farm payrolls did miss forecasts, the Fed won’t be derailed from its path to tighter policy.

Moreover, the blackout period ahead of the Dec. 15 FOMC decision begins this weekend, which means there won’t be any walking back of the hawkish noises heard this week.

The decline from November’s peak for S&P futures is starting to look like the turning point in a long march lower, which will set the pace for a global bear market next year.

Or consider these charts from Slope of Hope: https://slopeofhope.com/2021/12/drama-charts.html#more-207294

Retail has broken its channel. I was bragging about my brilliant bear call from the tippy-top of the channel but apparently the comically-overvalued market is starting to dawn on even non-Slope readers, so channels like this are getting shattered.

Energy sector is doomed. The raging success we’ve had with bearish calls on energy of the past month are, I believe, merely the beginning.

Biotechnology sector, which would make us all six foot tall, blonde-haired, blue-eyed Adonis-like creatures, appears to have hit a bump in the road. This entire sector has already been nuked, but it seems to me only the first few ICBMs have exploded, and the global thermonuclear war has only just started. There’s nothing but empty air below the now-broken top.

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