Play for Monday, July 6th

On Friday, we completed a 50% to 61.8% retrace from Thursday's highs to the lows, and at the moment we are quoted in the 4210s.

Both intraday and daily momentum are looking south, and weekly momentum has began to look south also.

Ideally, I would look for weakness on a bounce to enter a short. A first retrace area is in the 4240s. That said, a retrace on the US markets could drive us to slightly higher levels.

I am going to be cautious today and wait for the US open and markets to re-adjust following the long weekend.