Market has shown this week two very bearish signals:
1. market has retraced from 50 day and 200 day moving average on weekly chart which brings sellers into the market 2. market retraced from second down trend channel resistance line which is bearish indicator
I could write a book about the correlation of the european and american economies but it's enough to say that the economy is influenced by the dollar as the leading currency in favor of the US. The actual economic performance of the USA is significantly weaker than officially stated and the Dow Jones should crash in the last weeks but the market looks more like a new all time high than a big dump.