Retest

The increased volatility over the past week has unnerved investors.  The market has been revealed for what it is, a big casino with valuations too high to be supported by insider buying or value players.  It is a big momentum game right now.  The momentum is still to the upside with a rising 200 day moving average, but there are huge cracks now.  The only problem is that a lot of people already see them.  We will likely make an attempt at filling yesterday's gap this week.  Today if we trade below 1140 for more than 30 minutes, I think we'll likely go down to test Friday's intraday highs of 1129.  But I wouldn't get too greedy on the short side, the bulls still have a lot of life in them.