Things are still toppy.
As you can see from the S&P 500 chart, we're still in that range that tops out at 2,440 but we've held 2,400 so far for June so still generally bullish but now the 50-day moving average has caught up with us at 2,415 so we can no longer be satisfied with anything less and there's really no proper support below 2,400 – all the way to the 200 dma at 2,300 (a 5% Rule™ drop).
Yesterday morning, in our Live Member Chat Room, we took a bull play on the Russell Futures (/TF) at 1,408 and we caught a nice 10-point move up for $500 per contract gains in 2 hours at which point I said to our Members:
Now we take that off the table and look for either a fresh horse or, because the indexes all look toppy now, look for a possible reversal.
/NQ 5,700 is very likely to be rejected so that's a good line if /TF is below 1,420 and /YM below 21,400 and /ES below 2,430 (which indicates they all failed their next breakout).
So shorting /NQ with the stop above 5,700 is the most likely play now.
As you can see on the Nasdaq (/NQ) chart, 5,700 has remained a good shorting line and, at the moment, we're down more than 10 points at $20 per point, per contract so $200 per contract gains on those too. We can remain short on /NQ if the S&P (/ES) is below 2,425 and the Russell (/TF) is below 1,410 but we might flip bullish on the Russell at 1,405 if the indexes look bouncy.