How to play it from here?

Further to my previous post, the way to play it from a trading standpoint is to wait for confirmation before committing to either the bull or bear side from here. As I've said we are at an important inflection point here. Failure to hold the March lows with a strong close above it and we could get a sharp move further to the down side. Thus at this juncture, you should be lightening up on all longer term (longer than a day) positions if not totally in cash and wait to see who wins the battle here. Of course some speculative trades are would be ok but only if they have asymmetric payoffs (ie limited risk, unlimited reward eg. options). Otherwise I would keep strictly to intra-day trading (which is why I continue to favour this type of trading in the current market environment).