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Here is an excerpt from our trading plan.

The most important action today (Thursday) was that $SPX $NDX managed to stay above the lows of yesterday.   There was hope of price gaining some traction for recovery.

But the person responsible for this steady selling since May 9th has just tweeted again this evening:
"On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP,"

In response, futures dropped BIGLY.  S&P 500 and Nasdaq dropped close to 1% before stabilizing.   That is encouraging, but the night is still young.

If market participants can maintain some levelheadedness, and we don't receive any more "self-inflicted wound" tweets, we may actually see a real rebound tomorrow.  

Let's take a look at the 5-minute charts below for $SPX $NDX $RUT.  We chose to highlight the 5-minute charts today because we want you to pay attention to the 200 EMA line (dark green curvy line) on each of these charts.

This important line needs to form a certain pattern (as shown on the charts) to provide robust proof that a new Up Segment is starting for real.  So watch its formation.

Here is a quick summary of our trading plan. 
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The major event earlier today Wed 5/22/19 was the release of FOMC notes at 2:00 PM EST. 

As you may have noticed from our post on Stocktwits, we have been slowly scaling in with TQQQ and TNA. 

We have also been discussing in our nightly trading plans since Tuesday the under-the-hood factors that tilt our opinions in the direction of "bullish" rather than "bearish".

We plan on adding more TQQQ and TNA shares tomorrow if we see $SPX $NDX $RUT dip into their support zones.

Here is an excerpt from the latest trading plan. 
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Last night Sunday we wrote on StockTwits that we were hoping for $SPX $NDX $RUT to gap down big and get close to support so the buying starts sooner rather than later.

Well, we got the gap down big this morning, not close enough though.   But due to the bullish divergence we observed and discussed, we decided to buy a small number of shares of TQQQ and TNA today so that we have some skin in the game.

A lot of Elliot Wave practitioners are still calling for further price drop.  And this is still a strong possibility, based on our charts below.  Let's take a look at the support and resistance zones for $SPX $NDX $RUT.