XJO - weekly chart, we see price action in recent weeks...

XJO  - weekly chart, we see price action in recent weeks gravitating towards the weekly 200 W period MA. this past week we closed just under it. also sitting on a horizontal support area to the left. timing suggests a potential change on the weekly chart next week. Shorter term cycle calculations on the weekly chart suggests a further consolidation period to continue while a longer term cycle calculation on the weekly chart suggests the real breakdown of the XJO is about to commence. it may start mild but sure as gold this thing will collapse in spectacular fashion. XJO weekly chart is also sitting under the ichimouku cloud which it has tested and failed. the XJO weekly chart is at a decisive area. indicators  are weak.

MACD - I use a modified MACD which leads the traditional one and it has a pendant formation which if breaks would break to the downside.