Stocks extended their losing streak Friday after a seesaw session. Friday brought stocks their fourth straight loss, which left the S&P 500 3.8% lower for the week. Data continues to drive the action. The S&P 500 Index lower by 4.4 points, closed at 1079.2, Unfortunately, the SPX ended south of intraday support at the 1,080 level.

Longer term, there's a downside washout building, but this should only happen after a decent rally. An important peak is due around August 20-24. However, any new lows next week, and the top could be pushed back several days.

Next supports watch 1070, 1055-1050. I will keep my eyes open and see how the market can reach 1140-1150 in this gloomy sentiment market.