Play for Tuesday, July 7th

Intraday momentum is mixed, but with both daily and weekly momentum pointing south the only entry to seek at the moment is still a short entry.

There are several areas to look at:

• If a stronger bounce occurs, look for strength in the 4190s-4200s. This area might present an opportunity for a long scalp as well.
• Weakness could occur at several points: the 4220s-4230s (retrace from Friday's high), the 4240s-4260s (retrace from Thursday's highs), and all the way up to the 4280s (retrace from Wednesday's highs).
  

We saw the index reach as high as 4231 before US close yesterday, so one inflection point has already occured.

Let's see what the open brings...

No charts at the moment, maybe later.