Click on Chart to EnlargeIt looks from here like the market will rise for a couple days or as long as a week. If the market becomes short-term overbought below the recent highs, then I think it will be a good time to get aggressive from the short-side and also a good put option buy time. But any close above last week's high would not fit with what I'm thinking is going on. I will recommend an inverse trade if the market becomes overbought in the next couple days.
Click on Chart to EnlargeIf the basic pattern forming is what I have suggested, then based off the size of the first pattern down, and the chart areas below, I think the next logical support point would be around last June's high.
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