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. Yellen… Provided courtesy of Phil's Stock World. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Come to the winning side at Phil's Stock World by clicking here. To sign-up for a free trial membership, click here.