Purpose of this weekly look is for me to keep big picture of markets in mind and to know important levels in the indices. I'm not trying to make any predictions, rather just looking at big picture and writing down my current thoughts about important levels. With that in mind, I would say I'm leaning toward the bearish side right now. Dow and S&P are in big descending channels. If S&P were to move through 1263 level in the near future that would be even more bearish. However, if it moves to 1320 and holds, probably moves to upper channel which is at 1380. Since the Naz has held up better than the S&P and Down, I think a move through 46 on the QQQQ would be very bearish. Also think oil action last two days last week was very bearish and could see that trading down to 100 soon.