The weekly closed last week on a downtrend for a second week. The market failed to regain 5400 and the weekly stop at 5387 held strong despite a number of tests. The November monthly prediction was spot on with a new downtrend after 4 months of solid gains from the June low at 4600. Downtrends can be seen on all three timeframes. We continue to expect weakness and the weekly chart shows less congestion and increased volatility should be seen this week after last weeks flat trade. The weekly downside target continues to fall with a break of 5300 expected. We continue to expect new short term lows to be set on the way to our weekly target at 5246 ? down from