Play for Thursday, May 21st

Since Tuesday, an until last night, we had defined a very tight range, with a support of 4450s and a resistance in the 4510s.

Last week, 4450s had worked as resistance at the beginning of the week. Yesterday, after hours, we broke below the 4450s support, and found buyers in the 4400 area.

Now, momentum is negative on all longer term intraday charts, and back to negative on the daily chart: however, this was the situation we had on Monday before open, and we know what happened then.

I am going to keep my current small short position, and look for weakness in the 4450s to add. Otherwise, I'll adapt and flip side or see what the market throws at us.