Markets had a very interesting week and as mentioned 2011 was likely a major top. This is still what I believe that SPX might have made a top for rest of this year 2014 and a massive correction to start.

So here is my view

1. SPX has likely made a long term top at 2011 , if i’m wrong SPX needs to push above 2000 early this week.

2. VIX is forming a massive bullish pattern , I expect we will see some fear in mkts and as predicted , VIX bottomed at 11-12. I expect a big move up into 20-30 in VIX next from here.

3. DAX forming a massive top hs pattern , expect another large sell off on DAX more violent to downside with 8000 as target.

4. Gold surprised me with weakness , but is now extremely oversold and made a demark weekly 9 buy signal last week.

5. September is the weakest month for stocks normally , so this also suggest mkts could see more downside here in September.

6. NYSI suggest its on sell signal and signals that stocks could have more downside.

Conclusion: All in all I remain a bear until SPX can prove me wrong. If SPX breaks above 2000+ we might see another leg higher, but until then I remain a bear and think 2011 was likely a long term top being made.