With a 4-6 day horizon, my bias is bearish, since the 1681.30 peak of last Thursday’s spike rally failed to exceed any external peaks on the larger intraday charts. However, so that we won’t be caught napping if bulls regain the offensive, I’ll suggest paying close attention to the authoritative trendline shown in the chart. Over the course of Tuesday’s session, it will come in anywhere between 1677.60 earlier in the day to 1676.00 at night. Using the 5-minute chart or less, camouflageurs should jump on the first signaled ‘X’ that occurs following a move above the line. This trade has a high probability of working, so I’d suggest keeping a close eye on the trendline for the remainder of the week.
