Play for Thursday, June 18th

I am still to find an opportunity to short this market. The downside momentum has been quite powerful since Monday and we have only had minimal retraces. The trendline we have formed this week is extremely steep, see charts below.

Intraday momentum has somewhat turned around: so we might get a chance for a short entry. Watch out for these levels where to find weakness:

• 4290s to 4300s: retrace from yesterday's highs.
• 4310s to 4320s: retrace from Tuesday's highs. The 4320s had also acted as support on Tuesday.
  
• 4350s to 4380s: retrace from Friday.
• 4370s to 4400s: retrace from last week's highs.

I doubt we'll have a full retrace from last week or Friday's highs though, but Monday's move left a lot of traders flat.

I am going to be out again for the most part, both today and tomorrow, so I don't know how much trading I'll be able to do.