First of all – you're welcome!
Our trade idea in yesterday morning's PSW Report was:
"We'll probably test good old 2,728 on the S&P (/ES) and here's a chance to prove a bullish consolidation if it holds. The Nasdaq (/NQ) is down to 7,159 and still almost 10% above our 6,500 target but the Dow (/YM) is falling fast at 24,400 – just another 1,000 points to hit a proper retrace there and, of course, the Russell (/TF) thinks Trade Wars don't matter but, if the VIX is over 15 – I'd short the crap out of /TF – now 1,683 with tight stops over 1,700. "
Aside from gaining $1,400 for each short contract on the Russell Futures, our Nasdaq shorts from last week's Live Trading Webinar at 7,350 made $3,000 per contract at the 7,000 line and now we're watching to see what kind of bounces we get but, just this morning, the S&P failed EXACTLY at our predicted and long-standing 2,728 line, which is where we consider the proper TOP of the S&P's range for the summer:
Notice how technically neat the S&P is behaving, bouncing right off the 50-day moving average at 2,716 and that's exactly down 2.5% from the high at 2,785 so we're right on the money with our 5% Rule™ and that means we'll watch for 14-point bounces to 2,730 (weak) and 2,744 (strong) though anything over our 2,728 line is a pretty bullish recovery for the moment.