Toyota Motors (TM) is pessimistic about 2017. According to Reuters, Toyota is forecasting"operating profit for the current year to slide by a fifth due to increased spending to push sales in a slowing U.S. market and the lingering impact from a stronger yen.The prediction of a second straight year of profit decline by Toyota comes at a time when data shows a strong run of U.S. demand for cars seen in the past several years may be ending."Toyota Motors President Akio Toyoda promises change as the company anticipates a 2nd straight year of decline in profit. Bloomberg reported the president saying:“In an environment where sales are stagnating, it’s tough that we need to invest in areas which won’t generate profits due to paradigm shifts,” Toyoda said at a briefing in Tokyo on Wednesday, without being more specific. “We need to make the decision to look at where to stop when sales are stagnating.”Let's take a look at the stock price chart.Toyota Motors (TM) Daily Chart(click to enlarge)Bears in Charge:- We have observed a bearish bias in TM since price broke below a key support in March. - This breakout opened up the 98-98.10 area, which represents the 2016 lows.- Note that price is now holding under the 200-, and 100-day simple moving averages (SMAs).- Another strong clue that bears are in charge is that the RSI has pushed below 30 and is holding below 60 after a rebound. This reflects maintenance of the prevailing bearish momentum. - Finally, the fact that price came up and held at 110 twice reflects a market that is respecting the previous support as resistance. Another sign that bears are in charge and that the 2016 lows are firmly in sight.