Dow is below 13000 and heading towards 12500

Its 1235am, and I have been trend trading the Dow futures.  After updating this blog, I will be going to sleep.  Most of you will know that I am bearish in the short term.  My favorite time frame that determines the market direction is the weekly chart.  Until the price action shows more traders buying, I will stay on the short side.

Look at the chart on the left.  Dow is continuing its retracement below the red 13SMA.  The successive black candles are ominous. I am waiting to see successive white candles signal some buying interest. Before I take a small long position in USA stocks.  Note that all 3 momentum indicators are showing short term bearishness.
12700 and 12500 are the next support levels.  See the chart on the right.  If the "mighty" Dow drops below 12000, the long term trend will not be up.