The Euro ETF FXE had a Bearish Major Volume Spike on Friday

The Euro ETF FXE had a Bearish Major Volume Spike on Friday, see http://stockcharts.com/freecharts/gallery.html?s=fxe. The Euro's Short Term Upcycle of the past week is probably peaking/peaked (volume spike is probably confirming the price spike), which is bearish for SPX/the Market, and, many important stocks/index components like AAPL (http://stockcharts.com/freecharts/gallery.html?s=aapl), WMT (http://stockcharts.com/freecharts/gallery.html?s=wmt), and XOM (http://stockcharts.com/freecharts/gallery.html?s=xom) also had bearish major volume spikes on Friday 2-18-11.

Also, the CBOE Index Put/Call Ratio closed at a high modestly bearish level of fear on Friday = 1.43.

Also, very important is that "the money" (follow it, lol) is in a short term downtrend. Weekly Fed Credit rose +$22.580 Billion on 2-16-11 versus +$30.947 Billion on 2-9-11 for a bearish delta/change of well over -$8 Billion, and, Fed Credit was $14.234 Billion on 2-18, $17.894 Billion on 2-17, and $18.968 Billion on 2-16 (declined sharply at week's end), so, "the money," the most important indicator, is short term bearish, and, it'll be difficult for the Fed to grow credit at more than their recent levels, or, to even maintain recent levels of credit.