Play for Thursday, July 9th

As predicted, yesterday we broke below the 4170s and found resistance again in the 4130s (or slightly below).

We are currently quoted in the 4150s on the bid: a potential area to look for weakness is the 4150s to 4170s.

Alternatively, if we do rally for a larger retrace up, the final area of resistance would be the 4230s to 4250s, with the 4200 line before this.

I am still short and might adjust my stop either up or down.

Play for Wednesday, July 8th

Apologies for the late post.

I am off the desk most of today, and will leave my current position as it stands. I'll be back to check on it in a few hours.

The 4170s marked a support/resistance, we broke below and another support/resistance to watch out for is now the 4130s.

Time to look for shorts only: intraday momentum is negative, daily momentum is negative, weekly momentum is negative.

Flipped at 4214

Took profit on the small long I had left from 4192 and concurrently went short at 4214 for a 20% fill, stop at 4230.

Covered half at 4232

From 4192 for 40 points. Now left with a 10% fill at 4192 and moving stop to 4198: worst case scenario I get stopped out with a 6 point profit.

Covered 1/3 at 4212

From 4192 for 20 points. Still hold on a 20% fill from that level and moving stop to 4187.

Long at 4192

30% fill, stop at 4180. Let's give a long scalp a chance.

Chart update

As promised, this is the only channel I see at the moment, coupled with major resistance/support levels.