Even though the market managed to move higher throughout much of Monday's session, the day as a whole simply did not have the same type of excitement as Thursday's session.

Toni Hansen writes that last week's highs will be resistance this week.

It will be relatively simple at this point for the market to fall back to its 100-day moving average and early April's market prices over the next week or sooner.

Wednesday afternoon's correction leaves the door open for a third move lower on the 30-60 minutes charts on Thursday, and this will be Toni Hansen's bias heading into the morning.

Toni Hansen writes that it still seems about a day or two early for a strong continuation break on the upside from the daily range, but a bit of buying into the open on Wednesday is quite possible given the closing action on Tuesday.

Toni Hansen does not subscribe to the belief that summer trading is any more difficult than the rest of the year, but rather that people's lifestyle changes in the summer can make it more difficult for many individuals.

Toni Hansen will be cautious to the short side to start the new trading week.

Toni Hansen thinks the stock market will hold up well on Friday.

Toni Hansen would like to see some intraday corrective action off the highs in order to see some better upside follow-through on day trades.

By holding up fairly well on Tuesday, it will be easier for the market to take another stab at new highs, even though the overall pace is still slowing and rounding off.