1. First are the moving averages. The 50 and 200 are very close to each other, and price is just a shade below both. Moreover, price clearly is responding to this level as a .
2. At the same time, or rather related to the fact that price is below the moving averages, is that I think we are in the early phases of a downtrend.
3. Price has also pulled back a bit from its recent lows, and thus may be providing swing traders an opportunity to short.
Based on these factors, I'm going short at 8318, with my stop at 8358 and my target profit at 8178.