Our forecast for the US equity markets called for a top on July 15th with a secondary peak around July 19th as per the charts below. The DJIA made its top on the 15th whereas the SPX500 made its top on the 20th.

Yesterday, we shorted the Dow at 18,030 and the SPX500 around 2,122.40 for an aggressive play. The risk-to-reward ratio on the Dow looked better than that for the S&P. As of the time this post was prepared, we had covered our short positions for a profit of 194 points in the Dow and 8.30 points on SPX, exactly as per our risk-to-reward expectancy.

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