The 4 ETF pivot chart pretty much tells the story and although the ranges contracted a little bit, the momentum was clearly down, with 3 of the basket closing on the low pivot of the week and the Qs between S1 and S2.
Check out the pivots for the coming week on the right side panel of the blog, they are all at new low PPs.
Once again the NDX is bouncing off the 50MA and the A200 continues to ride the 20MA down.
While I find little technical evidence of an impending Santa Claus type rally, Peter Worden has a somewhat different (bullish) spin based his classification of Thursday's action as a one-day-reversal pattern. Keep in mind that the Worden video was released some 80 minutes prior to Friday's market close, so he missed that market min-collapse in his analysis.