Play for Thursday, May 14th

Yesterday we had the first truly significant down day:

• Momentum on daily charts is now negative.
• Intraday charts for the longer time frames are also negative.

Unless momentum turns around rapidly, my bias is to short only and to build a longer term trade.

My plan is to try and add to my current short positions, and do so on a retrace up. I am looking to sell anywhere from the4370s to the 4390s, or even below these leves if a sell signal occurs. If we go above the 4410s, I might wait to get a better price on my shorts: however, I'll probably be moving my stop on the current position and on any add-ons into the 4500s.