Signals & Trading Plan for Friday 8/2/19

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Here is an excerpt from our trading plan.

Dip6 has morphed into Major Pullback2
We’d like to welcome several new members who have just joined us.   For the past several days, we’ve been sharing this essential message with our members, which we would like to repeat because it’s amazing how accurate the message from market internals are. 

“Dip6 has been overdue for over a week now.  And under the hood, market internals are saying that stocks are more primed for selling than buying.  All that’s needed it a negative catalyst. This catalyst is likely to be FOMC announcement tomorrow. ....  So the probability of Dip6 arriving after FOMC is higher now.”

Stocks got the first negative catalyst in the FOMC announcement as expected.  That started the selling process and officially heralded the arrival of Dip6.

Last night, we also wrote:  "Here’s the thing that’s worrying us. Market internals and price actions are sending out messages similar to the start of May.  This means Dip6 can morph into Major Pullback2." 

Then this afternoon we got the tariff tweet, just like May 6.  This additional negative catalyst caused Dip6 to morph into Major Pullback2.   (We refer to the big drop during the entire month of May as Major Pullback1.)
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The rest of this article covers:
Updates from market internals 
Support and resistance levels for $SPX $NDX
How to approach your trades
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