Not much have changed as we are still in consolidation.
Generally speaking, trend following strategies are not the best suited for this kind of market and we might have experienced few loses already.
Nevertheless, we cannot say yet if (and when) trend will continue or break; we have to simply wait for market now. The negative divergence and declining volume can give us some clues, but we should react only on price changes.
Sources:
[http://en.wikipedia.org/wiki/Trend_following]
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