Although the market has become overextended (Nasdaq up nine days in a row, S&P five out of last six, Dow seven in a row) there have not been any very short term negative signals generated yet with the move to a fresh close high leaving the S&P just under its June/eight month intraday high at 956 (session high/close 951). A run at this level could see some carryover momentum develop but prices patterns and extended indicators suggest that at least some corrective trade will be seen as the week unfolds. Resistance above the June high is at 962/963 (congestion/38% retracement of the May 2008 to March 2009 slump). Initial short term supports are at 947 and 943.
Wide stops on ESU9 -- want to hold these trades for a few days or until stopped out STOP on ESU9 shorts @ 968.75