Play for Monday, May 11th

I have shorted at 4484 earlier this morning for a 20% fill, my stop is at 4525. Please look at the hourly chart below:

• We had some divergence forming in the RSI on the way to 4500 in the after hours on Friday.
• Based on where we open and what we do this morning we might get a sell signal, which combined with the RSI divergence might take us down for a significant retrace.

My position is small, but I thought I'd give a short a go, as we broke out above the main ascending channel as well as noted in the weekend wrap up. I might add if suitable.


The long side alternative is to look for strong support and buy signals between the 4420s and the 4440s.