Play for Wednesday, July 15th

Given last night's jiggles, I will remain cautious today.

Daily momentum is looking north, while weekly momentum is looking south. We could range, we could trend, we could do a number of things: however, given daily momentum the bias is to look for a long entry.

However, given that we did not really break the 4290s (my broker went mad for 4 minutes last night), we could still seek weakness and retrace down to the 4180s to 4160s (a good spot to find strength). Otherwise, let's see if something can be scalped: again, I'd remain cautious on size until a proper trend or range has been re-established.