Major market trends have beginnings, middles and ends. The end of one trend serves as the beginning of a new trend. The trading algorithm we follow steers clear of the identifying the beginning or endings of trends, preferring to quickly identify (in retrospect) when the transition has taken place and to stay in the new trend until there is evidence that it too has reversed. Friday's decline was not enough to trigger an Intermediate Term Sell Signal, but market action has all of the earmarks of being in a transition to a new trend lower, one that will become entrenched as at a minimum an Intermediate Term down trend. It may also be beginning of Longer Term down trend into bona fide bear market measuring in months-to-years.