Bears' little respite looks like it could be short-lived. The decline appears to be an ABC, and this would be confirmed with a breakout over 2371.
I'm having trouble getting charts to load today, so we're just going to look at the bigger picture chart (since that was all I could get!). A sustained breakout over 2371 will suggest a third (or C) wave rally at smaller degree, and suggest a trip to at least the 2390 zone, and quite possibly to new highs.
In conclusion, I would have a hard time justifying shorts on any sustained breakout over 2371, at least for the immediate future. The next place one could look (if you're bearish) would be 2390ish. Of course, if 2371 holds, then we still have the option of a complete C-wave on the table -- but at this exact moment, it doesn't look terribly promising. Trade safe.
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