On Friday we failed at the 50% to 61.8% retrace from Monday's highs and determined a descending trendline: so watch out for it.
However, also be on the look out between the 4280s-4290s for strength to the upside, and that a full retrace from last week's highs could take us as high as 4400.
Please also note that intraday momentum is mixed, and while daily momentum is still looking south, more and more indices are displaying a cross between the 50MA and 200MA.
I am still short at 4356, but have now moved my stop to 4370.
